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slapass · 03-11-2009, 06:04 PM

If you can pay one off. Pay off the higher interest one first. It is not that confusing.

If you owe 5k at 6%. You are paying monthly so 6%/12 months = .5% times the 5k =$250. That is your interest and if your payment is about $400 then $150 is going towards the principal.

03-11-2009, 06:04 PM
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,625	If you can pay one off. Pay off the higher interest one first. It is not that confusing. If you owe 5k at 6%. You are paying monthly so 6%/12 months = .5% times the 5k =$250. That is your interest and if your payment is about $400 then $150 is going towards the principal.