The Answer Man
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Here are the rest of the payments.
PrincIntTotal
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$2,280$2,490$4,770
Ttl Paid$4,770
That means that you will pay $2490 in interest over the next 15 payment cycles. The bigger question is, "Do you have the money to pay it off with cash in the bank, or do you have to borrow to pay it off?"
If you borrow the money and pay it off over the same 15 months at say 12% interest, here is the payment schedule and total.
LoanIntPrincBalance
$2,280$23$152$2,128
$2,128$21$152$1,976
$1,976$20$152$1,824
$1,824$18$152$1,672
$1,672$17$152$1,520
$1,520$15$152$1,368
$1,368$14$152$1,216
$1,216$12$152$1,064
$1,064$11$152$912
$912$9$152$760
$760$8$152$608
$608$6$152$456
$456$5$152$304
$304$3$152$152
$152$2$152$0
$0$182$2,280
Ttl Paid$2,462
Savings$2,308
So this shows that even if you have to borrow the money at 12% interest, you are still going to save $2308.
Pay if off! |
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