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Old 04-17-2008, 01:40 PM
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You need to check your plan. It will depend on the interest rate. I borrowed 7k the first time and had $50 payment spread over 8 years. I borrowed 20 or 30k the second time and paid that off in 13 months (payments were in excess of $1000 per month).

Loan was paid in my case by basic interest/ ammortization calculations.
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