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Paying your loan back early will reduce the total cost of the loan. The following calculations will give you an estimate of what your loan could cost. Before repaying your loan there are a few things to consider, if you have had the loan for less than 6 months repaying the loan in full can negatively affect your credit score. If you have a low credit score repaying the loan in less than 6 months may not help improve your credit score.
If you take out a loan for $3000 at 15% for 36 months your total cost of the loan would be $743.82. If we wanted to find out what the loan would cost for 9 months we could use the following equation:
743.82 / 36 = 20.66 ($743.82 divided by 36 months equals $20.66 a month)
20.66 * 9 = $185.95 ($20.66 a month multiplied by 9 months equals $185.95)
If you repay the loan in 9 months you would only pay $185.95 in interest that would equal 3.94% interest! This calculation assumes that you pay $354.00 a month for 9 months. If you were to pay the minum payment for the first 8 months then pay the loan of in the ninth month
