RE: [MLUG - DISCUSSION] Financal Question

["Jerry Gamblin" <EMAIL:PROTECTED>]

>Is the loan interest tax deductible?  
Nope its not.
>What kind of interest are you getting on the 1500?
0.5% (Yeah, its sad) 
>Is it more than the 6$ in interest you would be paying?  
Not Even Close
>And is there a penalty for early withdrawal on the CD?
I believe I lose the interest on the CD but none of the principle. 


Jerry Gamblin 
Network Security Specialist 
Linn State Technical College 
One Technology Drive 
Linn, MO 65051 
EMAIL:PROTECTED 
www.linnstate.edu 
573-897-5240 

-----Original Message-----
From: Nimrod Levy [mailto:EMAIL:PROTECTED] 
Sent: Monday, May 03, 2004 3:46 PM
To: MLUG Off-Topic Discussion
Subject: Re: [MLUG - DISCUSSION] Financal Question


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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