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ann ticali t | If you take a loan out in1993 in the amout of $3500 and paid not a peenny back on much would you owe? |
i think the interest rate back then was 6.5% |
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tommyguard3
 |
depends on compounding, month it was taken out etc.
If you took it out in June 1993, so it is exactly 14 years then you would owe the following based on each type of compounding:
Monthly Compounding: $8,675.35
BiMonthly Compounding: $8,654.22
Quarterly Compounding: $8,633.30
Semi-Annual Compounding: $8,571.70
Annual Compounding: $8,453.56 |
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Al Phanti
|
About $8,500 (based on the limited information provided). |
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what?
 |
Probably nothing.
So long as you haven't promised to pay anytime in the last 7-10 years (depending on the state that you live in), the debt would have be uncollectable.
All states have statutes of limitations that say that if you haven't paid (or promised to pay) a debt, after a certain period of time, the company that lended you the money has no legal claim on that debt.
Except for the blemish on your credit (which should have almost disappeared by now, anyway), you just gave yourself a huge gift.
Frankly, just ignoring a debt can sometimes be better for you than declaring bankruptcy. Congrats on winning the waiting game. |
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T-Bone
|
$35,000
Just kidding, I have no clue... But it will probably be more than what you got in the first place. |
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Prenn
 |
If you're talking now as of June 2007. At 6.5% interest, you pay $ 18.69/monthly in interest X12= 224.28 a year in interest. Lets say begining 1993 to June 2007 is 14.5 years X 224.28 = $3,252.06 in interest + $3,500 in principal the total of the loan you owe now is $ 6,752.06
Lets just say there wasn't any late fee involved. |
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Gary S
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All depends on the amount of interest that was settled. After a certain point they close the account out and set the rate. You swindler you! |
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i hate phil collins
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first you have to find out what the interest is per year.
you would divide 6.5% into 3500, and times that by how many years it's been.
then you will add 3500 to that number, you will get how much you owe. |
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Seán_18
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Exactly how much is a "peenny"?
I'd have to know that before I can provide an answer. |
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NavyWife
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any where from 7500 and 10000 depending on late payment or no payment fees (if any) |
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hans6883
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Depends on the state laws. I don't think you would have to pay anything due to expired Statue Of Limitations, or the amount of time a debter has to legally collect on a debt. |
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