Is there a type of loan where even if you pay out the balance earlier, it still equals to the amount you would have paid had you not paid out the loan earlier?
To make sense of it, I will try to provide a hypothetical example. Let's say you borrow $10,000 at 15% pa, and you want to repay it over 3 years, so monthly repayments are $346.65 (got this figure from an online loan calculator). If you were to pay in accordance with the agreement, at the end of the 3 years you would have paid $12,479.40 ($346.65 x 36 months).
But let's say after 20 months, you have made total repayments of $6,933 ($346.65 x 20 months), which means the balance of your loan is $3,067 (10,000-6,933) and you want to pay out the balance. Shouldn't the pay out figure be $3,067?
Or is there a type of loan where the pay out figure is the balance of the agreed amount, which includes interest, which in this case would be $5,546.40 ($12,479.40 - $6,933)?