Hey,
I understand I can make early repayments on my loans, does this reduce the total interest value? As I have the loan for a shorter amount of time?
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It certainly does.
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Yes, it does!
The actual term of the loan will remain the same so there will be the same total number of payments unless you clear it in full, but the monthly payment will reduce and the interest is just recalculated based on the remaining amount.
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