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NO, you should actually pay LESS interest over the period of the loan. You will actually pay it off sooner.

If you are paying more then you need to specify to the dealer that you would like all overpayments to go twards the princeple not the interest which by lowering the princeple will automaticly lower the interest.

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โˆ™ 2015-07-16 19:19:27
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Q: If you pay more than the amount due every month do you still get charged the same amount of interest?
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What is simple interest and compound interest?

Compound interest is when interest is charged on the principal plus the interest. An example is a credit card debt. If you carry a balance from month to month you are charged interest on the total amount owed including the interest from previous months. Simple interest is calculated on the amount borrowed over a fixed amount of time and does not charge interest on the interest.


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