Rosa has a balance of $500 on her credit card statement. We know from looking at the statement that her APR is 18%, and her minimum payment due is $15 per month. How long will it take Rosa to pay off her balance if she pays the minimum payment each month?

Making principal-only payments accelerates the payment of your loan and decreases the interest you pay over the life of the loan. For example, you can save almost $900 in interest by paying an additional principal-only payment of $100 a month on a 60-month loan for $20,000 with a 7% interest rate. You'll also payoff your car loan one year and one month faster with the extra $100 payment.

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