Math

posted by .

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 -

    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

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math formulas

    4. Vanna has just financed the purchase of a home for $200 000. She agreed to repay the loan by making equal monthly blended payments of $3000 each at 9%/a, compounded monthly. Determine how much interest she will pay for her loan. …
  2. Math

    Maya bought a car for $15,000. To pay for it, she took a bank add-on interest loan at an annual interest rate of 9%. The loan term is 5 years. How much interest will she pay and what are her monthly payments?
  3. math

    Five years ago, you bought a house for $151,000, with a downpayment of $30,000 which meant you took out a $121,000 loan. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement and …
  4. math

    Susan Borrowed $5000. The term of the loan is 12% compouned monthly for 3 years. what is the monthly payments?
  5. math

    Andy needs to pay off a loan of $18,000 in 5 years. Find the amortization payment he would need to make each bi-monthly pay period (twice a month) at 6% compounded bi-monthly, in order to pay off the loan.
  6. help please math

    Andy needs to pay off a loan of $18,000 in 5 years. Find the amortization payment he would need to make each bi-monthly pay period (twice a month) at 6% compounded bi-monthly, in order to pay off the loan.
  7. Maths

    Firm has a $500,000 loan with 9% APR (compounded monthly) Loan is 5-yr based on a 15-yr amortization, meaning loan payments will be calculated as if you take 15 years to pay off the loan, but actually must do so in 5 yr. To do this, …
  8. Math

    Andy needs to pay off a loan of $18,000 in 5 years. Find the amortization payment he would need to make each semi-monthly pay period (twice a month)at 6% compounded bi-monthly, in order to pay off the loan.
  9. Math

    Andy needs to pay off a loan of $18,000 in 5 years. Find the amortization payment he would need to take each semi-monthly pay period (twice a month) at 6% compounded bi-monthly, in order to pay off the loan.
  10. Math

    This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $108,123 left …

More Similar Questions