2006-08-09 18:01:24 · 7 answers · asked by mertz 1 in Business & Finance ➔ Credit
57 months. assuming you pay interest payments monthly and the delta between your interest payment and your monthly payment of $250 is used to pay down your initial loan.
2006-08-09 18:14:19 · answer #1 · answered by Paul S 3 · 0⤊ 0⤋
in case you pay off the indoors maximum loan in finished, then you definately can save the quantity you have been paying in direction of month-to-month funds and you will directly be forward. additionally, think of roughly this: You pronounced that "lots of the pastime has already been paid." ok, i've got faith you there, yet not all the pastime has been paid. Get a private loan reimbursement calculator and choose how a lot added pastime you will pay in case you proceed making minimum month-to-month funds. Is it $50? $2 hundred? extra? Then ask your self, is it rather properly worth flushing that rather extra funds down the drain in pastime just to learn some factors on your credit? The own loan would be an outstanding mark on your credit checklist no remember the way you pay it off by using fact you paid it off without late funds. Paying it off early isn't a foul factor. individually i could pay it off and be completed with the debt and revel interior the extra month-to-month income of having not extra funds.
2016-10-01 21:21:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
From a financial expert, you would first need to tell me if the
interest rate is applied monthly or annually.
I suggest that you make whole dollar payments and add the interest if you can afford to.
For example if your interest is $11.00 per month, pay $261.00 and the balance will remain even.
i find this method effective when clearing a debt. I hate to have change in my account balance.
2006-08-09 18:12:05 · answer #3 · answered by nubianbx 2 · 0⤊ 0⤋
between 4-5 years
2006-08-09 18:05:34 · answer #4 · answered by Hoa N 6 · 0⤊ 0⤋
57 months is correct, with constant $250/mth payments.
2006-08-09 19:46:54 · answer #5 · answered by Me-as-a-Tree 3 · 0⤊ 0⤋
Simple amortization problem.
About 4.6 years.
2006-08-09 18:10:58 · answer #6 · answered by Jesse 4 · 0⤊ 0⤋
Is it simple or compound interest? What is the compounding period?
2006-08-09 18:08:24 · answer #7 · answered by Richard B 4 · 0⤊ 0⤋