If I borrowed $15000 in April 2008 at 6% interest and have paid $150 per month since then, how much have I paid and how much do I owe?
Are you counting 5 or 6 months?
I am looking for the balance owed and what was paid.
Did you pay interest in April 2008?
Did you pay interest in October 2014?
thanks...i figured it out
To calculate how much you have paid and how much you still owe, we can break down the problem into steps.
First, let's determine how many months have passed since April 2008 until now:
Number of months = (Current year - 2008) * 12 + (Current month - April's month)
Please insert the current year and month to get the accurate number of months:
Number of months = (Current year - 2008) * 12 + (Current month - 4)
Once we know the number of months, we can calculate how much you have paid so far:
Amount paid = Number of months * Monthly payment
Now, let's calculate the remaining balance:
Remaining balance = Borrowed amount - Amount paid
To find the exact values, substitute the appropriate numbers into the above equations.