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Should I Pay Off My Car Loan or Contribute to My IRA?
Should I Pay Off My Car Loan or Contribute to My IRA? I recently purchased a car with a trade-in, leaving me with a total car loan of $16,358 at 6.2% interest, with a total finance charge of $2,204 over the loan term. However, if I pay off the remaining balance now, I would only need to pay $14,154, avoiding the extra interest. I have the ability to pay the full $14,154 immediately, but I’m conside...
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