Quote:
Originally Posted by Edofnor
he's rite tho the banks r evil jew loan sharks
|
Right, if kids were taught to pay off loans at an early age, things would be better. When I bought my home, I had a scientific calculator that did loan amortization.
At work I wrote a program that calculates interest for the loan term. I would pay extra to the principle, call the loan company each month, and get my pay off amount. It matched to the penny. I paid off my loan in 3.5 years, have no debt. I helped my daughter pay off the loan on her farm, and her truck. It won't necessarily make you rich, but it helps not having any loans and no revolving credit cards with high interest.
Today people can do loan amortization on web sites, to see how much money they will save by paying off the loan early. Some people are stupid and don't realize any extra amount paid goes to the principle. They think the bank will steal that money. Otherwise, people would pay extra to their home and car loans. It's that simple, any extra amount paid to your loan goes to the principle.