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06-14-2010, 12:06 AM #1Registered User
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Can someone help me with the math on a loan
Dh owes 4667.00 with an interest rate of 1%. (yes you read that right)
The minimum payment a month is 300.00 even.
We want the sucker payed off faster.
How much extra should go to the principle to have it gone by Feb 2011? June's payment has been made.
I suck at math.
TIA
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06-14-2010, 12:21 AM #2Registered User
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Sorry P....I use an amortization book and it doesn't go that low.
this might help..........not sure it is what you are looking for.....plug in the numbers.......have to have javascript.
Pay off your loan faster calculator | QSuper
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06-14-2010, 02:33 AM #3Registered User
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To pay it off in 8 months you would need to pay $585.86 a month.
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06-14-2010, 02:39 AM #4Registered User
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Yup, I came up with $585 and change.
Working on Our Debt a Day at a Time:
Chase #1: Paid $1307.12 of $1925.04
Bank of America: Paid $1054 of $1600
Dillard's: Paid $953 of $1750
Medical (too much to list so I am going one at a time):
Amex #1: Paid $3975.50 of $3975.50 Paid in Full 3/09
Chase #2: Paid $4489.75 of $4489.75 Paid in Full 12/09
Macy's: Paid $337.24 of $337.24 Paid in Full 9/10
Lane Bryant: $300 of $300 Paid in Full 7/10
MRI Paid $1080 of $1080 Paid in Full 2/11
Amex #2: Paid $8286.17 of $8286.17 Paid in Full 7/11
Foot Surgery: Paid $1759 of $1759 Paid in Full 8/11
Furniture: Paid $2000 of $2000 Paid in Full 3/12
2012 Fling 319/2012
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06-14-2010, 02:50 AM #5Registered User
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Ugh, not doable. This is our smallest debt.
Maybe income tax time in 2011 can help....It was just a goal to have it payed off then..
I mean really stretching would be an extra hundred a month and dh eating ramen noodles.
*goes off to think.
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06-14-2010, 08:43 AM #6Registered User
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Just do what you can. Every little bit helps. If it really bothers you, maybe you or your husband could take a second job for awhile?
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