Results 1 to 2 of 2

Math Help - Calculating final payment after paying lump sums throughout loan

  1. #1
    Newbie
    Joined
    May 2012
    From
    Melfort, SK
    Posts
    7

    Calculating final payment after paying lump sums throughout loan

    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!
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Senior Member
    Joined
    May 2010
    From
    Los Angeles, California
    Posts
    274
    Thanks
    1

    Re: Calculating final payment after paying lump sums throughout loan

    Did you solve this problem?
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Saving money paying off a home loan in under 10 years
    Posted in the Business Math Forum
    Replies: 12
    Last Post: August 2nd 2012, 11:44 AM
  2. Loan payment
    Posted in the Business Math Forum
    Replies: 3
    Last Post: August 10th 2010, 06:21 PM
  3. Loan Payment
    Posted in the Business Math Forum
    Replies: 3
    Last Post: January 30th 2010, 08:16 AM
  4. Choice of Two Options for Paying off a Loan
    Posted in the Business Math Forum
    Replies: 2
    Last Post: November 18th 2009, 12:45 PM
  5. Bad loan payment
    Posted in the Business Math Forum
    Replies: 1
    Last Post: July 9th 2006, 03:03 AM

Search Tags


/mathhelpforum @mathhelpforum