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Personal Loans Discuss personal loans, secured and unsecured, and general borrowing.

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  #1  
Old 04-07-2007, 10:15 PM
chasedee chasedee is offline
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Join Date: Apr 2007
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Default loan calculations

Hi,

I just recently took out a personal loan for $3,000 dollars to pay off misc. debts and to buy a computer. The loan papers that I got show that my fixed payment amount is $107.85 per month for 36 months. My interest rate is 17.750% and the APR is 17.771%. It is on the amortized principal and interest payment plan. When I enter this data into various loan calculators it predicts my payment amount to be $108.08 per month. If this is so, then where did the bank get the $107.85 per month? Now, my real question, say I was able to pay $200.00 a month for 1 year at which point I would pay off the loan completely. How would I go about making a calculation to determine the total amount I would pay at the end of that year?
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Old 04-08-2007, 03:35 PM
Dru Dru is offline
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Join Date: Mar 2007
Location: USA
Posts: 321
Default Re: loan calculations

Maybe they gave you a lower interest rate (17.60% works out to your payment amount of $107.85). It sounds like they have done you a favor.

Starting with $3000.00 at the rate of 17.60%, after 12 months of payments @ $200/ month, your balance should be $969.27. If the rate is actually 17.75%, your remaining balance would be $972.82.
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