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What are my interest payments?

dstebbins
in Applied Mathematics

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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?

If the APY is 7%, the monthly interest would be $25.88.

If you're looking for the calculations you could try something like this. Good luck :)

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 by Mr Skeptic

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