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Loan debt is in oppressive force in the complete financial picture of any person. I have a Student Loan and a mortgage on a house. ### Student Loan The minimum monthly payment for the Student Loan is $300. The balance on the loan is $21,000 I've been paying on this loan since 2005. At the current rate, the total cost of this loan will be $60,000??? ### Mortgage The minimum monthly payment for the Mortgage is $1500. The balance on the loan is $205,000. I've been paying on this loan since 2011. At the current rate, the total cost of this loan will be $400,000??? ## Scientific Method What I wanted to determine is: What effect does increasing the monthly principal payment have on the life of the loan? Expected Results: Increasing the monthly principal payment reduces the life of the loan. Increasing the monthly principal payment reduces the cost of the loan. By how much? Let's find out. [Click here to find out](/ui/chart)
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