i was approved for a $5000 loan for 24 month, the rate was 16.90
i'm wondering can i closing the loan within 2 months, will i paid the interest less or do it have to be full 24 months???
thanx
2007-09-28 17:28:38 · 4 answers · asked by PThYL 2 in Business & Finance ➔ Personal Finance
get those details from the loan officer. most lenders only charge your interest on any balance owed. so if you pay the balance in full in 3 months, that's only 3 months worth of interest, not 24.
2007-09-28 17:45:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-28 12:57:12 · answer #2 · answered by ? 3 · 0⤊ 0⤋
You will save interest by paying it early unless it is a loan shark company that charges all the interest upfront so you borrow more than you get.
2007-09-28 17:32:06 · answer #3 · answered by shipwreck 7 · 0⤊ 0⤋
Payment in a shorter amount of time, always lessens interest
2007-09-28 17:33:44 · answer #4 · answered by Anonymous · 0⤊ 0⤋