dstebbins Posted November 2, 2009 Posted November 2, 2009 A few years ago, I took out a private student loan at loantolearn.com, and opted to pay the interest while in school. My cosigner passed away earlier this year. Now the debt is mine, all mine. I just made a huge payment on it, knocking the outstanding balance to $4580.65. The interest is 7%. Since I'm currently only paying the interest, what would my minimum monthly payments be?
Sisyphus Posted November 2, 2009 Posted November 2, 2009 If the APY is 7%, the monthly interest would be $25.88.
RyanJ Posted November 2, 2009 Posted November 2, 2009 If you're looking for the calculations you could try something like this. Good luck
Mr Skeptic Posted November 2, 2009 Posted November 2, 2009 (edited) Right, but if the loan is for a certain period of time, your minimum payment must be enough to pay back the loan by then after taking interest into consideration. Or are you paying only the interest for now? Anyhow, if what you are paying is close to only the interest you will end up paying a lot of money back, but slowly. Here, have a link: minimum-payment-calculator.aspx Edited November 2, 2009 by Mr Skeptic
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