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EFFECT OF LUMP SUM PAYMENT ON A LOAN
The
"lump sum payment on loan" simulation calculates the dollar amount
and time saved by making a lump sum payment on a loan. For example,
if you have an automobile loan of $10,000 with payments amortized
over a five year period, you could use this simulation to calculate
how much you would save by making a lump sum payment of $2,000.
You will also be able to see what your new amortization schedule
will look like for the remaining term of your loan.
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