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Paying off a loan faster. Two payments or one large payment. Options?
Paying off a loan faster. Two payments or one large payment. Options? We have a loan at 12,500 at 13%. Currently the minimum payment is $365 but I’ve been paying $400. We’ve cut some things out of the budget and can add an additional $400 on top of the minimum payment. My question is should I pay $800 a month or $400 then $400 spread out through the month? I’m not sure which option would be the fastest way.
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