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Thread: Calculating loan: loan is $6,897, interest is 12.375%, term is 143 months, $25/mo for

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    Calculating loan: loan is $6,897, interest is 12.375%, term is 143 months, $25/mo for

    Hi! So here's the problem: The total loan is $6,897.00 and the interest is 12.375%. The loan lasts 143 months. If 25$ are payed every month for the first 24 months, how much would it cost per monthly payment for the rest of the loan (the remaining 119 months).

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    Please read the forum guidelines. This is a tutoring web site. We need you to explain what you already understand about this exercise, followed by showing whatever attempts you've made. Where exactly are you getting stuck?
    "English is the most ambiguous language in the world." ~ Yours Truly, 1969

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    Quote Originally Posted by nyxx View Post
    Hi! So here's the problem: The total loan is $6,897.00 and the interest is 12.375%. The loan lasts 143 months. If 25$ are payed every month for the first 24 months, how much would it cost per monthly payment for the rest of the loan (the remaining 119 months).
    The interest for 1st month will be .12375/12*6897 = ~71.13
    So the loan balance will be increasing during 1st 24 months.
    You may want to check your problem statement.
    However, it is still a valid problem as is.
    I'm just an imagination of your figment !

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