2006-09-21 09:14:34 · 4 answers · asked by dumb blond 1 in Business & Finance ➔ Personal Finance
There is no lending company it is a personal loan. Originally it was a 5 year loan for $12,000. at 5% interest. $3000. was paid about 8-9 years ago. Now I need to find a way to figure out the amount owed now that it has been 10 years so that a judgement can be issued.
2006-09-21 09:55:03 · update #1
Each year for 10 years, add 5% to the current balance, on year 2, subtract $3000 for the payment. This calculation assumes it stays 5% for the whole 10 years and compounded annually.
yearbalanceinterestpayments
0$12,000$0$0
1$12,600$600$0
2$10,230$630$3,000
3$10,742$512$0
4$11,279$537$0
5$11,843$564$0
6$12,435$592$0
7$13,056$622$0
8$13,709$653$0
9$14,395$685$0
10$15,114$720$0
Pay $15,114
2006-09-21 12:44:43 · answer #1 · answered by larry n 4 · 0⤊ 0⤋
Talk to the lender.
2006-09-21 16:16:56 · answer #2 · answered by Ralfcoder 7 · 0⤊ 0⤋
how infrequent,
but strait up it should be around 28000
2006-09-21 16:17:21 · answer #3 · answered by bkbarile 5 · 0⤊ 0⤋
$16,000.00 PLUS LATE FEES , ADMINISTRATIVE COSTS, AND INTEREST UPON INTEREST ON THE LATE FEES AND THE TOTAL WILL BE CLOSE TO $40,000.00 .
2006-09-22 13:01:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋