contestada

Eric, after listening to you talk about surpluses, investing and being smart with money, is thinking about how much he would save in interest on his car loan if he paid $50 dollars extra each time he paid his car note. To get this information, eric would need what type of schedule to show him the impact of his extra payments?.

Respuesta :

Eric needs an amortization schedule to show him the impact of his extra payments.

Explain amortization schedule.

A table that displays a mortgage's regular payments over time is called an amortization schedule. You can keep track of how much is still owed on your mortgage and determine how much goes to interest by using a mortgage amortization plan.

Amortization is the process of repaying debt in a series of regular payments. Each payment has a principal portion that goes toward the loan balance and an interest portion. The amount put toward the principal increases progressively month after month as the debt amortizes. You can see how much money you pay in principal and interest over time in an amortization schedule.

To learn more about amortization schedule, visit:

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