Let's say you want to dig a hole. A small shovel will dig it in 100 scoops. A big shovel can move more dirt so it will dig it in 50 scoops, so it will take half as long.
Let's say you want to pay off your $10,000 car loan. If you pay $100 a month, it will take 100 months. If you pay $200 a month, it will take 50 months, so it will take half as long.
NickatinaGold t1_j6fvgf2 wrote
Reply to comment by julianorts in I want to pay off my car. Should I stop adding to savings? by julianorts
Let's say you want to dig a hole. A small shovel will dig it in 100 scoops. A big shovel can move more dirt so it will dig it in 50 scoops, so it will take half as long.
Let's say you want to pay off your $10,000 car loan. If you pay $100 a month, it will take 100 months. If you pay $200 a month, it will take 50 months, so it will take half as long.
Bigger shovel = more money towards your car loan