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Skip a PaySkip Your Monthly SPCO Loan Payment and  Form

Skip a PaySkip Your Monthly SPCO Loan Payment and Form

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hey what's going on everybody hope you having a good day as always my name is Michael and thank you for joining me so today's video I want to talk about paying extra on your loans it's no secret that paying extra will help you save money in the long run but there is a better way of doing it rather than just paying extra each month and so that's what we're gonna talk about and in order to illustrate this I'm going to make it very very easy to follow example right let's pretend that I go out and buy a loan I spend $20,000 the loan term is for 48 months or four years and the interest rate is seven percent right well to start off with let's just assume that I don't make any extra payments whatsoever how much money is that going to cost me in the long run in interest now as you can see here assuming I don't make any extra payments I'm going to pay two thousand nine hundred eighty eight dollars and forty four cents in interest and obviously it'll take me 48 months to pay the loan off so tha

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