Quick question - I stink at math in general so maybe someone here can help me out.
I have a loan that I've been paying on (car title loan - don't EVER get one!!), and in a nutshell I pay $200 per month with $50 of it going to the principle. I'm wasting 150 a month on interest with no end in sight unless I buckle down and add to the principle. There is no fixed pay-off date because they allow you to pay a little less sometimes if you are in a bind. The downside to that scenario is they add what you didn't pay on to your loan.
Sooooo..............how do I figure out what the interest is on this loan??
thx!!
I have a loan that I've been paying on (car title loan - don't EVER get one!!), and in a nutshell I pay $200 per month with $50 of it going to the principle. I'm wasting 150 a month on interest with no end in sight unless I buckle down and add to the principle. There is no fixed pay-off date because they allow you to pay a little less sometimes if you are in a bind. The downside to that scenario is they add what you didn't pay on to your loan.
Sooooo..............how do I figure out what the interest is on this loan??
thx!!
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