It has been over 7 years since I have had to use any of my mathematics of finance knowledge and wow does it disappear when you do not use it.
i have pulled out my old books to determine additional payments to a P.V. (geese, at least I think that's the formula I want) but I cannot remember how to execute the problem. Can someone please help.
Here are the values...
interest rate is 8% c.s.a.
loan with interest as of Sept. 1 2011
= $31 938.59
Regular payments of $1000 per month starting Sept 1st.
On top of the $1000 payment, an additional payment of $5000 was made on Dec 1 st 2011
Not knowing the interest amount, I have paid of the rest of the principle on May 1st totaling $17 938.59
i would like to figure out the balance of the loan owing, which should only be the interest from Sept 1.
The formula I think I should be using is:
Then I would need to find the balance on the 8th payment???
Help please! I am a business owner, not in school anymore . Although maybe I should be! Lol