I am a wedding photographer and one of my clients is now in breech of contract for nonpayment. I have no use for her pictures and would prefer to have my $$. In my contract I financed interest free for 4 months with payment due before wedding. Bride had sob story and I extended for two month. STILL no money two month later. I am now sending her a Consumer Loan Agreement with interest. I have never done this and can not figure what the payments plus interest will be. HELP!
The principle is $1318.07. The interest is 19.99% and there will be three payments starting Sept 30, Oct 15 and Oct 30.
Any sharp financial types out there able to help a photographer out?
2007-09-11 12:41:11 · 2 answers · asked by ? 4 in Business & Finance ➔ Small Business
tom, I did not ask for a loan. I am the lender. I simply need to figure my interest.
2007-09-11 13:04:41 · update #1
Kate, I have worked the math but need to verify. That is why I asked the question. I am a I have 20 years of business accounting under my belt but loan interest and payments are a different animal. I have no problem going to court. That is my next step. I simply want to give them another chance to pay but now I want interest.
2007-09-11 13:06:41 · update #2
Yoji, I appreciate your work. Thank you but I need to give her three payments. I don't want to give her any but I want my $$.
2007-09-11 13:08:03 · update #3
Your loan payment will be $675.47.
Payment Summary
Event Amount Term Period
Loan $1,318.07 1
Payment $675.47 1
Payment $675.48 1
Payment Schedule
Event Loan Payment Interest Principal Balance
Loan 1 $1,318.07 $0.00 $0.00 1,318.07
Payment 1 675.47 $21.86 $653.61 664.46
Payment 2 $675.48 $11.02 $664.46 $0.00
Grand Total $1,318.07 $1,350.95 $32.88 $1,318.07 $0.00
2007-09-11 12:52:52 · answer #1 · answered by yoji6365 2 · 0⤊ 0⤋
Less than $525 per month , but if you can't do the math ,
You might be better off in small claims court .
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2007-09-11 19:48:15 · answer #2 · answered by kate 7 · 0⤊ 1⤋