dstebbins Posted November 2, 2009 Share 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? Link to comment Share on other sites More sharing options...
Sisyphus Posted November 2, 2009 Share Posted November 2, 2009 If the APY is 7%, the monthly interest would be $25.88. Link to comment Share on other sites More sharing options...
RyanJ Posted November 2, 2009 Share Posted November 2, 2009 If you're looking for the calculations you could try something like this. Good luck Link to comment Share on other sites More sharing options...
Mr Skeptic Posted November 2, 2009 Share 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 Link to comment Share on other sites More sharing options...
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