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You can't beat the bank by paying $1 a day extra on your mortgage. Here's how compound interest really works

  • Written by Sagarika Mishra, Associate professor, Deakin University
You can't beat the bank by paying $1 a day extra on your mortgage. Here's how compound interest really worksShutterstock

By paying just $1 a day extra on your mortgage, you can hack the banking system and cut the time to repay your home loan from 20 years to just five years.

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