How many years do I save if I would make 1 extra payment every year on a 30 year mortgage of 100,000 at 4.5 percent rate?
F you paid an extra $100 every month on a $100,000 loan at 4.5 percent, you'd pay the debt off in 21 years instead of 30, saving nearly $40,000 in interest. (These examples assume a fixed-rate loan, as opposed to an adjustable-rate mortgage. ChaCha
Answered by Ashley B. -
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A loan is a financial agreement between a lender and a borrower. In most cases, a sum of money is given with a set interest rate attached to it. Common types include business and personal loans.
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