I have a school loan that is a private loan with Key Bank. The principal balance is $38,500.
My loan payment is $400 a month.
I have saved $10,000 to pay down the loan.
WHICH WILL SAVE ME MORE MONEY DURING THE LIFE OF THE LOAN?
If I pay extra each month towards the principal or if I just make a single lump sum payment of $10,000 to the principal?
The interest rate is 8.290% on $17,635 AND 8.320% on $20,863.
The interest rates are VARIABLE!
Thank you for your time!
2006-08-08
08:26:43
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8 answers
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asked by
Max
1
in
Personal Finance