I financed my car for four years, but I finished the payment in two years. It appears that I paid the same amount of money I would have paid if I had kept the loan for four years. What happened here? Is it what they call “Simple Interest” and if so, could you explain the simple interest concept for me a little more?
PS: By the way, I just finished reading your book, “The Automatic Millionaire” Good book for those who are not financially inclined. I have recommended it to two of my friends that I know need it more than I do.