Hi there, it has been 7 years since I had my mathematics of finance course, but now need to use some old formulas and I cannot remember how to use.
this is what I am looking for and need help to figure it out please!
Interest rate is 5%c.s.a.
inital loan = $31 938.59 .( actual amount of loan and interest to date of Sept 1, 2011)
Payments of $1000 paid monthly
December 1st, additional payment of $5000 on top of 1000 monthly
May 1st final payment of $18 938.59 but does not include interest from the starting date of September 1st.
I am trying to figure out my last payment as my loaner is not giving me the information and I do not want to owe him anymore money.
Please help, I have my books out and my calculator but unless I start my course at day one again I am lost!