Planning to borrow money?  Bankrate asked GreenPath to weigh in on what you need to know about interest.

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Bankrate highlights in their article that there are many factors that can affect how much interest you pay for financing – including amount of the loan.

“For larger loans, the lender is assuming greater risk. Hence, the lender seeks a higher return,” says Jeff Arevalo, financial wellness expert for GreenPath Financial Wellness.

If you borrow $20,000 over five years with a 5 percent interest rate, you’ll pay $2,645.48 in interest on an amortized schedule. If you keep all other loan factors the same (e.g., rate, term and interest type) but increase your loan amount to $30,000, the interest you pay over five years would increase to $3,968.22.

Takeaway:  Don’t borrow more than you need to. Crunch the numbers first and determine exactly how money you really require.

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Jeff Arevalo is a Financial Wellness Expert and has been with the Greenpath since 2006. He possesses a strong passion for helping others and takes great pride in providing strong financial education and effective money management tools to help make a difference in people’s lives. Jeff and his wife recently welcomed a baby boy to their family and are excited to navigate the world of parenthood for the first time.

 

 

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