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Question
how can one reduce the amount of interest paid for a loan? repaying their loan quickly reducing their credit score repaying their loan slowly
Brief Explanations
Loan interest is often calculated over the repayment period. Faster repayment shortens the time interest accrues, reducing total interest. A lower credit score typically leads to higher interest rates, and slow repayment lets interest build up over more time, increasing total interest paid.
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repaying their loan quickly