What life was like in early-1980s America …
- In October 1981, the average rate for a 30-year fixed-rate mortgage in America was 18.61 percent.
- In August 1982, the average new car loan was 17.82 percent.
At 18.61 percent interest, a $100,000 loan paid over 15 years would involve paying $298,332 in principal and interest. Paid out over 30 years, that would be $461,679.21 in principal and interest. But that ignores inflation or refinancing, which makes those numbers seem less absurd.