Hi there,

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:

31938.59=1000[1-(1+I)-n]

______

I

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