Question

help

Answer 1

do you have an example in mind?
not sure what you mean by repayment? is it the balance on the loan

Answer 2

the amount you have paid is more then the interest, if that makes sense

Answer 3

oh ok so in other words , you have paid more toward the principal than to interest
that is a good thing...more typical in smaller loans like a car loan, a house mortgage that is very rare for first 5 yrs unless you make extra payments

Answer 4

as far as what happens to your loan when this happens....nothing really
your balance will go down a little faster and your interest will also go down faster as well

Answer 5

so the total payment will reduce the time the time of the loan therefore the is than if it was to paid back over a longer period of time? is that my answer or do i need to include a little more. Thank so much btw

Answer 6

true, a larger payment will pay more toward the balance thus reducing time of loan and reducing total interest paid over entire term

not sure what the actual question you are trying to answer is? sorry

Answer 7

haha i would hope the payment is more than interest, otherwise you would never pay it off

Answer 8

so i should say: the loan will be paid off, and then go on about it being faster and what we were saying before

Answer 9

yeah exactly

Answer 10

is this a finance class?
anyway if you ever get a loan, always try to pay more than what you have to each month :)

Answer 11

no maths, actually but i really been enjoying it so im going to do accounting next year. Do you have any classes in this area?

Answer 12

cool no i never got into accounting, i kinda wish i would have though

Answer 13

i had to take a finance exam once and learned all about how loans are done and how payments are calculated

Answer 14

Oh so did you have finance class? And btw thank you so much for the help!