Quote:
Originally Posted by babydriver
Yes, and by making more than the required payment, the principal is going down much more quickly. Therefore, much less interest paid overall and the rule of 88s works for you, rather than against you.
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I had no idea what that was and all I found was rule of 78s.
Wouldn't that only work against you if you have a loan based on that instead of a "regular" loan (and you aren't paying the extra interest on the 78s loan for the first few months)?