I have a very basic question about expense ratios, and how exactly they work.
I own roughly $350k worth of American Funds, with a few Franklin Templeton funds mixed in. They are all class A shares bought several years ago. I'm trying to grasp exactly what these now cost me per year. I know I paid the up-front load of 5.75% on all of them (ouch!), and have the expense ratio, which averages among all the funds at about .75%
Is my math correct in this example, that I'm paying .75% on $350k, which is $2625/year to continue to own these funds?