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On Mon, 3 May 2004 3:41pm, Jerry Gamblin wrote:
> I owe 12 more $85 dollar payments on a loan to my local bank.
> If I go and pay it off today (tomorrow) it will only cost me $953.
> I have about $1500 in a normal savings account and more money in CD's
> that I could get out if an emergency occurred.
>
> It will cost me $6 in interest a month to pay off the loan at $85
> payments instead of just going in and paying it off. Is it smarter to
> just pay off the loan or to keep the money in savings and just make the
> payments?
>
> I looked on the internet and couldn't find a good answer.
>
That's a really interesting question. It probably depends on a few
things. Is the loan interest tax deductable? What kind of interest are
you getting on the 1500? Is it more than the 6$ in interest you would
be paying? And is there a penalty for early withdrawl on the CD?
--
Nimrod
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