I have a student loan (9% interest rate) which I have to pay within the next two year. Since I have a secure job I know I will finish paying within two years even with the minimum monthly payment. However, to lower the total amount I will pay at the end of the 2 year, I was planning to pay extra every month (a couple of hundred dollars) and finish it early. However, I also come up with the idea of investing the extra cash I planned to pay every month instead of putting it to pay the loan.
Assuming that the investment will have a positive outcome, is it better to invest the extra cash, keep it in bank, or add it to the loan to finish it early?
UPDATE:**Thank you everyone for your response. I am obligated to pay the loan within two years. If I pay the monthly minimum amount the interest rate at the end of the 2nd year will be between $2500-$3000. However, I know that if I pay more than the minimum amount, the interest rate will be lower. But, how do I calculate how I would be saving lets say if I pay $200 extra each month or $3000 once? Or how much should I pay extra each month if I want to save $1000 from the interest?