jmckinney
1 Answer
Jack Large
A balloon note can be paid off at any monthly balance one chooses.
The problem is one is paying INTEREST on the total amout of the loan, less the monthly payments, with the TOTAL balance becoming due at end of the term of the loan.
A balloon note is the highest interest rate one can pay on ANY LOAN, and thus not a good idea.
One would be far better off paying the highest monthly payment they can afford, for the shortest term avaialble, WBMS
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| 14 years ago. Rating: 0 | |
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