Interest/ Principle question

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Need Some Clarification about Interest/ Principle

I got an RV for 20k originally with 7% interest. The payment each month is 200 bucks. Last time I check, some month the 150 applied to interest and 50 to principle; some month 70 applied to interest and 130 to principle. It has been a year and it barely down to 18,400. What I’m doing wrong here? Another question, when I’m making payment they always say fund applied to interest first. So if I have made this month’s payment. Can I call and make another payment that I want to apply to PRINCIPLE ONLY. If that makes sense? I feel like I’m being scammed. Or maybe I just need to know more about debt finance. Is there any company that will refinance the RV? Thanks.

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BlueBubble77

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Posted: 1 year ago
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