Method and system for reducing the total interest paid on a debt
US8341074B1 · kind B1 · utility
14Cited by
7References
17Claims
0Family size
Inventor
Key dates
| Filing date | Aug 4, 2011 |
| Grant date | Dec 25, 2012 |
| Priority date | — |
| Expiry date | Aug 4, 2031 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/02
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A loan repayment system and method comprises a loan account for a purchased item, and a personal fund account used to manage discretionary money. A user deposits discretionary money periodically into the fund account. Typically, the fund account has a starting balance of at least one full cycle's worth of such deposits. Additional principal payments, leveraged from the fund account to front-load against the loan account, are used to exponentially counter the total interest. As the method recycles with each full cycle, the loan account balance is reduced faster.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.