Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

If I have to pay 14 thousand to my wicked stepmom plus 4% interest how much would be left of interest if I give 4,000 before I start the payments of 257 per month?

Can you tell me how to also how to add 4% interest using a calculator?

Answer Question
 
Anonymous

Asked by Anonymous at 6:04 PM on Sep. 26, 2009 in Money & Work

Answers (4)
  • You have to know the life term of the loan. How many months or years.
    EireLass

    Answer by EireLass at 6:09 PM on Sep. 26, 2009

  • Interest would only be $400 on $10,000 (after $4,000 down payment).
    Anonymous

    Answer by Anonymous at 6:09 PM on Sep. 26, 2009

  • Thanks anonnymous, EireLass.. Its for 60 months but if I give 4,000 in January then 5,000 when I get my income tax return then I should finish it in like 2 years I also want to sell my mustang for 5,000 to finish paying the LOT faster, I start with the payments in November or December of this year :(
    Anonymous

    Answer by Anonymous at 6:48 PM on Sep. 26, 2009

  • $10,000 at 4% interest over 5 years/60 months is only $184.17 per month.

    BUT if you're fixed at paying $257.00/month....with a total loan of $10,000 @ 4% interest, then you'd be paid off in 3 1/2 years. Your total interest paid would be $728.60
    EireLass

    Answer by EireLass at 7:05 PM on Sep. 26, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN