Comments on: How to Compute the Remaining Balance on a Loan http://allfinancialmatters.com/2006/06/14/how-to-compute-the-remaining-balance-on-a-loan/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: Melvyn Lim http://allfinancialmatters.com/2006/06/14/how-to-compute-the-remaining-balance-on-a-loan/comment-page-1/#comment-15310 Melvyn Lim Sat, 22 Jul 2006 21:16:38 +0000 http://allthingsfinancialblog.com/?p=842#comment-15310 Hi, there's actually a typo in the formula, although the example was computed correctly: For brevity, let's have A = amount borrowed P = payment I = i / (12 * 100) The formula as shown above is: A * (1+I)^n - [ P/I * (1+I)^n - 1 ] It should instead be stated as: A * (1+I)^n - [ P/I * ( (1+I)^n - 1 ) ] Hi, there’s actually a typo in the formula, although the example was computed correctly:

For brevity, let’s have
A = amount borrowed
P = payment
I = i / (12 * 100)

The formula as shown above is:

A * (1+I)^n – [ P/I * (1+I)^n - 1 ]

It should instead be stated as:

A * (1+I)^n – [ P/I * ( (1+I)^n - 1 ) ]

]]> By: Steve Power http://allfinancialmatters.com/2006/06/14/how-to-compute-the-remaining-balance-on-a-loan/comment-page-1/#comment-8148 Steve Power Sat, 17 Jun 2006 22:06:51 +0000 http://allthingsfinancialblog.com/?p=842#comment-8148 I don't know if it is appropriate to post a question in here. Please forgive me if this is a breach of etiquette, but I'm new to this and only discovered your blog this afternoon. I would be very grateful for a bit of advice. I'm 44 and would like to retire at 65. The problem is that I have student loans that total approximately $110,000 with an interest rate of 6.125% (the rate will go down to 5.125% in about two and a half years). I'm currently paying $740 per month and the loans should be paid off in about 28 years, more or less. I am also currently putting $600 per month into various mutual funds which I planned to use to supplement my retirement benefits and social security benefits (if there are any). Should I direct some of the money I'm putting into the mutual funds towards the principle of my studnet loan? I only make $64,000 per year so the $600 I'm investing is about all that I have left after paying living expenses. Thank you for your consideration. Steve I don’t know if it is appropriate to post a question in here. Please forgive me if this is a breach of etiquette, but I’m new to this and only discovered your blog this afternoon. I would be very grateful for a bit of advice.

I’m 44 and would like to retire at 65. The problem is that
I have student loans that total approximately $110,000 with an interest rate of 6.125% (the rate will go down to 5.125% in about two and a half years). I’m currently paying $740 per month and the loans should be paid off in about 28 years, more or less.

I am also currently putting $600 per month into various mutual funds which I planned to use to supplement my retirement benefits and social security benefits (if there are any).

Should I direct some of the money I’m putting into the mutual funds towards the principle of my studnet loan? I only make $64,000 per year so the $600 I’m investing is about all that I have left after paying living expenses.

Thank you for your consideration.

Steve

]]> By: Free Money Finance http://allfinancialmatters.com/2006/06/14/how-to-compute-the-remaining-balance-on-a-loan/comment-page-1/#comment-7724 Free Money Finance Fri, 16 Jun 2006 10:31:32 +0000 http://allthingsfinancialblog.com/?p=842#comment-7724 <strong>Star Money Articles for the Week of June 12</strong> Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: MightyBargainHunter details mortgages that outlive you. Five Cent Nickel loves Hampton Inn's 100% satisfaction guarantee. Blueprint for Financial Prosperity wa... Star Money Articles for the Week of June 12

Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: MightyBargainHunter details mortgages that outlive you. Five Cent Nickel loves Hampton Inn’s 100% satisfaction guarantee. Blueprint for Financial Prosperity wa…

]]> By: Mighty Bargain Hunter » Roundup for the week of 11 June 2006 http://allfinancialmatters.com/2006/06/14/how-to-compute-the-remaining-balance-on-a-loan/comment-page-1/#comment-7679 Mighty Bargain Hunter » Roundup for the week of 11 June 2006 Fri, 16 Jun 2006 07:38:54 +0000 http://allthingsfinancialblog.com/?p=842#comment-7679 [...] All Financial Matters elucidates how to calculate the remaining balance on a loan.  (Congrats on your mention on MSNBC.com!) [...] [...] All Financial Matters elucidates how to calculate the remaining balance on a loan.  (Congrats on your mention on MSNBC.com!) [...]

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