Effect of Extra Payments on an Amortizing Loan
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This Demonstration shows the importance of making extra payments on a typical amortizing loan, such as a principal and interest mortgage. Even small amounts over and above the prescribed minimum can substantially reduce the term of the loan and the overall amount of interest paid.
Contributed by: Ben Carbery (March 2011)
Open content licensed under CC BY-NC-SA
"Effect of Extra Payments on an Amortizing Loan"
Wolfram Demonstrations Project
Published: March 7 2011