Answer:
Theoretically, figuring out your loan payment is easy. Your principle is calculated by dividing the entire amount you borrowed by the number of months you agreed to repay the loan (known as the term).
Explanation:
Paying down your loan more quickly is one approach to lower the overall cost of it. You can lower your overall payment and pay off the loan before the original period expires by making additional principal payments.
However, before you sign for a loan, you should read the small print. Prepayment penalties may be assessed by some lenders if you pay off your loan early. Make sure to look for a lender that doesn't impose prepayment penalties while you are looking for one. Faster debt repayment is intended to save you money; you don't want to find yourself having to pay more than necessary.
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