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Q: Math expert to model out interest payment ( No Answer,   1 Comment )
Question  
Subject: Math expert to model out interest payment
Category: Business and Money > Accounting
Asked by: ted40-ga
List Price: $10.00
Posted: 12 Oct 2005 17:26 PDT
Expires: 24 Oct 2005 17:35 PDT
Question ID: 579556
I am in need of finding out what the interest amount is that is added
to the total balance due (less the specified payments.

$796,000 	balance due as of 1/31/04				
					
 $5,000 	5/24/05	Payment Made			
 $30,000 	6/1/05	Payment Made			
 $30,000 	9/27/05	Payment Made			
 $731,000 	Balance Due as of 10/31/05 (excluding 12% interest per annum)				
					
 $1,201,989 	Total Outstanding

Request for Question Clarification by efn-ga on 12 Oct 2005 19:09 PDT
Sorry, I don't understand your question.  Could you explain more?
Answer  
There is no answer at this time.

Comments  
Subject: Re: Math expert to model out interest payment
From: irlandes-ga on 12 Oct 2005 21:09 PDT
 
I agree with efn, and I have traditionally been good at interest
problems. The numbers you give, and 12%  a year simply do not change
less then $800,000 to a balance more than $1 million in a little more
than a year and a half.

One would need to know how the interest is calculated.  Legal loans
usually state clearly.

If that is what you are told by the lender, then I can see why you want help.

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