Saudi Arabia, at one point, grew so much grain that they could fee Kuwait, United Arab Emirates, Quatar, Bahrain, Oman and Yeman (Blas, Javier; Saudi Wells Running Dry — of Water — Spell End of Desert Wheat). Unfortunately, that is no longer the case. The lack of rain and essentially hot weather, has caused the water to run dry, in turn causing their wheat crops to die. Saudi Arabia’s inability to produce wheat, has caused them to look elsewhere for their own supply, looking for imports and naming the Saudi’s "The largest new wheat buyer to emerge," (Blas, Javier; Saudi Wells Running Dry — of Water — Spell End of Desert Wheat). According to Ahmed bin Abdulaziz Al-Fares, …show more content…
The length of the loan influences the interest rate. Normally, the longer the loan duration, the higher the rate will be, in turn the borrower will ultimately pay more interest to the lender.
Example (rates and calculations based on PFFCU.com): Term | Percent | Amount | Monthly payment | Total payment | Total interest | 30 | 3.8 | 200,000 | 931.91 | 335,491 | 135,491 | 20 | 3.6 | 200,000 | 1170.22 | 280,854 | 80,854 | 15 | 3.1 | 200,000 | 1119.23 | 268,617 | 68,617 | The difference in savings based on the final payment is $66,874.00 between a 30 and 15 year mortgage with just 187.26 more per month when selecting the 15 year option. Ultimately, the faster you pay the loan back, the less interest is paid.
Blas, Javier. "Saudi Wells Running Dry."