Can someone help me with the math on a loan
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  1. #1
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    Default 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

  2. #2
    Registered User frugalfranny's Avatar
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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

  3. #3
    Registered User militlady's Avatar
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    To pay it off in 8 months you would need to pay $585.86 a month.

  4. #4
    Registered User TigerGirl1226's Avatar
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    Yup, I came up with $585 and change.

  5. #5
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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.

  6. #6
    Registered User mek42's Avatar
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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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