Paying back some loans?
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I have to pay back some loans and have unfortunately forgotten the math required to figure out how to pay them most efficiently. I'm pretty sure I could've solved this in 11th grade, ah, maybe I just need a TI89...
One loan I owe $15050, at a yearly interest rate of 6.9%. The other I owe $3600, at a yearly interest rate of 5.0%. I want to pay them both back in about 26 months (I estimated that it will cost approximately $800 a month total to do this, my budget being around there). I also have a minimum amount of $50 a month to pay to the lesser loan and $200 a month to the larger loan, which keeps me from paying off only the larger loan first.
How much will it actually cost me a month to pay them back in 26 months? And, how much of this monthly amount should I allocate to each loan?
Paying back some loans?You've just about got the right amount: $624.85 for the larger one, $146.38 for the smaller one, for a total of $771.23.
Paying back some loans?It would be easier to hand them your wallet and say help yourself
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