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yes_its_him t1_iyadb8v wrote

Reply to comment by nolesrule in Would I save this amount of interest over the life of the loan? by [deleted]

>you'll pay about $2200 in interest over a year.

More than that with the loan parameters here

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nolesrule t1_iyaswn8 wrote

It was back of the envelope math, because if you pay it off in 12 equal payments the average balance per month will be approximately but not exactly 50% of the starting balance.

Using an amortization calculator, if you make 12 payments of $8946.74/month you will have it paid off with a total paid of 107360.88 which is 2360.88 interest, which isn't all that far from my envelope math.

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yes_its_him t1_iyawcpo wrote

I assumed they just paid the minimum until paying off the balance month 12, since that aligns with their numbers, but it could be interpreted otherwise.

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nolesrule t1_iyazxcj wrote

Yeah in that case it'll be closer to the $4000. But that's why I was asking more about the details of the planned paydown schedule.

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