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JACKFIELD, Texas — If you’re borrowing money to buy an iPhone 6, a laptop, or a pair of sneakers, you might be on the hook for about $2 a month, according to a new report.
The Wall Street Journal reported that, while it might not seem like much, if you borrowed money to purchase an iPhone, it could mean up to $2.6 million in monthly payments.
That’s more than triple the amount of mortgage debt that was the subject of a recent analysis by the mortgage lender Equifax.
It’s also more than the amount needed to get a credit card or a mortgage.
“You can’t really say it’s $2 per month for an iPhone,” said Steven J. D’Alessandro, a principal at D’Angelo Law Firm in Houston, Texas, who specializes in financial counseling.
“You could say it is $2 for a MacBook Pro, $2 to get your kids a new pair of shoes, and you’re in a bind.”
The $2 figure is based on estimates by J.P. Morgan Chase, which said the average annual payment for a 30-year mortgage is about $5,000.
Some people have a higher interest rate than others, but they generally pay less than the average mortgage, the Journal said.
Even if you are paying the mortgage yourself, it still won’t be enough to buy the items you need, such as an iPhone and a new laptop, the Wall Street journal reported.
While you might think you have to pay $2 every month for a mortgage, your monthly payments could vary based on your age, income, and other factors, said Jennifer G. Mota, a spokesman for Equifax, which provides mortgage data.
You might be paying $2 more per month than you would if you paid it off as a down payment, for example.
If you have a $300,000 loan with a 3.9 percent interest rate, the amount you would pay for a new iPhone would be $600.
Equifax is not charging you for the iPhone, but you will still be paying the interest on the loan.
If that interest rate drops to 1.8 percent, you would be paying about $600 a month in interest.
Your payments could be more than what you could get for a loan in a bank account.
When you buy an item, you get the credit you can use to pay the monthly payments, but if you use the money to pay off a mortgage on that item, your payment would increase.
There are other things that could be happening.
For example, a house may not be paying off as quickly as you would like, which could make you feel bad about the loan and make you want to repay it, Mota said.
You could also be borrowing against an interest-only loan, in which the lender offers to pay a portion of the loan when the seller makes monthly payments or a percentage of the property.
If the loan is backed by real estate or a loan secured by assets, it might be more attractive than a mortgage backed by debt, Motta said.
That’s because when you buy something, you may not realize that you’ll owe a large amount of money in the future.
But if you pay it off in full, you can keep paying it off even if you don’t realize it.
That could be especially true if you have other debt that you can’t pay off, MOTA said.
For instance, you could still have to make payments on your student loans.
