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Milford, IL | Any early payment reduces the principal amount owed.
Interest accrued, whether simple or compound, is caulculated with principal balance as one of the factors. Paying early in 2024 will reduce the principal amount from that point forward which will reduce the amount of interest that accrues daily.
I suppose there may be some predatory type loans out there that prohibit early payment of principal. If that type of loan exists, it should be illegal or at the very least have a big, bold disclosure like they put on a pack of cigarettes. | |
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Farm Loan Payment Early
