Posted by **Karen** on Thursday, August 22, 2013 at 7:12pm.

If Ginny took out a loan for 21,000 in 8/2011 at 6.5% and wants to pay off in 9/2013, and has been making monthly payments of $239.00 how much will she be charged to pay it all? Please help. Thanks

- Math -
**Reiny**, Thursday, August 22, 2013 at 8:44pm
In short, you want to know the outstanding balance after making 24 payments.

rate = .065/12 = .00541666...

Value of her $21,000 if she had made no payments:

= 21000(1.00541666..)^24 = 23907.00

Amount of 24 payments of 239

= 239( 1.005416666..^24 - 1)/.005416666..

= 6107.91

so the balance = 23907.00 - 6107.91 = $17,799.10

## Answer this Question

## Related Questions

- Math - 4. Vanna has just financed the purchase of a home for $200 000. She ...
- math - Susan Borrowed $5000. The term of the loan is 12% compouned monthly for 3...
- math formulas - 4. Vanna has just financed the purchase of a home for $200 000. ...
- Maths - Firm has a $500,000 loan with 9% APR (compounded monthly) Loan is 5-yr ...
- Math - Maya bought a car for $15,000. To pay for it, she took a bank add-on ...
- math - Five years ago, you bought a house for $151,000, with a downpayment of $...
- Math - 1. Rishi ram obtained an installment loan for $3,000.00. He agreed to ...
- MATH - Five years ago, you bought a house for $151,000, with a down payment of $...
- math - Andy needs to pay off a loan of $18,000 in 5 years. Find the amortization...
- Algebra: Statistics - Five years ago, you bought a house for $151,000, with a ...

More Related Questions