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In Reply to: Help! When will loan be paid off - difference between simple daily and compound pre calculated monthly? posted by Can't do math on January 06, 2002 at 20:01:38:
The following link:
http://www.stretcher.com/stories/00/000925c.cfm
shows what paying more frequently actually does, in the absence of actually paying "more" money per year.
Number 3 is insignificant, especially since most banks who push that, screw you royally elsewhere.