Do the number of days between payments on a simple interest loan matter?

The number of days between payments plays a crucial role in determining the amount of interest you owe. Since interest accrues daily ('per diem' or 'per day'), the more days between payments, the higher the accumulated total interest.

The timing of your payments can impact how much your payment goes to interest versus paying down the principal. If you wait longer between payments, the daily interest builds up and when you finally make a payment, a larger portion goes toward covering this accumulated interest.