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The Bankrate auto loan calculator will also provide a full amortization schedule so you can see the amount of interest you’re paying each month and the total interest paid over the life of the loan.
Paying off your car loan early can earn you much-needed financial freedom and save you potentially hundreds (or thousands) of dollars in would-be interest. ... (four-year) and 60-month (five-year ...
If you don’t have a large amount of cash you can put toward your auto loan, consider making larger payments each month instead. You can decide how much extra you want to pay. Even a small amount ...
The denominator of a Rule of 78s loan is the sum of the integers between 1 and n, inclusive, where n is the number of payments. For a twelve-month loan, the sum of numbers from 1 to 12 is 78 (1 + 2 + 3 + . . . +12 = 78). For a 24-month loan, the denominator is 300. The sum of the numbers from 1 to n is given by the equation n * (n+1) / 2.
Note that a 12-month loan comes with a rule of 78, but a 24-month loan would follow the rule of 300 since the numbers would add up to that amount. Loans that last 36 months, 48 months and so on ...
As another way to compensate for prepayment risk (which is a reinvestment risk), a prepayment penalty clause is often included in the loan contract. [2] "Soft" prepayment terms can allow prepayment without penalty if the home is sold. "Hard" prepayment terms do not allow any exceptions without penalty.