Daily Sizzle: Best Buy and Money
The Daily Sizzle is where us here at FM, rant, rave, hate, and date pretty much anything we want.So, today I was checking the Best Buy website to see how much they would be selling the new Tragically Hip album, We Are the Same for and confirming that it’s US release date is the same as it’s Canadian (Apr. 7).
All the usual information for a CD was there—SKU, Price, Release Date, reviews, etc etc. Then, down below that, i noticed this tidbit:
Financing: - Great Financing Offer
FOLKS! THIS IS WHY AMERICA IS WHERE IT IS! I cannot think of what circumstance I would NEED to finance a $15 CD. Simple rule: if you can’t afford it, don’t buy it!
Anyway, lets look at the details. 18 months interest free. Okay, lets plan on paying off our CD over 18 months. Minimum payment = 1% of balance (in this case, 15 cents to start) + finance charges. Which are a minimum of $2.
So…if I financed this CD—which Best Buy thinks is a good plan—the math would break down like this:
14.99 + 7% local sales tax = $16.04. $16.04/18 months = $0.89 per month. + $2 finance charges and x18 months = $52.04
Wow.
by
mashthekeys
2 years ago
