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Calculate Interest Paid w/ Additional Payments to Principle
I am trying to calculate the interest I would save if I were to pay an
additional amount toward the prinicple of a loan, a certain amount of times a year, starting at a particular month in the loan term. For example, Loan Amount = $100,000 Interest Rate = 6.375% Loan Start Date = 12/1/03 Additional Payment = $100 Number of Times Per Year = 12 Add. Payment Start Date = 12/1/08 Anybody have any ideas? -- Cheers, Ryan |
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