All Questions
5
questions
1
vote
3
answers
225
views
What would the formula for loan payoff with daily compounded interest and paid 5 days per wk?
I'm interested in calculating the impact of making payments on my student loans daily (5 payments per wk).
For example my current loan is 50,000$ @ 5.05% interest compounded daily. The term of the ...
- 11
4
votes
2
answers
545
views
Pay off student loans vs pay myself and try to get PSLF? (is my math right?)
I am trying to decide between paying off my student loans in 5 years vs attempting to quality for Public Service Loan Forgiveness (PSLF), which I could conceivably do in 5 years. My options are to 1) ...
- 41
2
votes
1
answer
445
views
How does Sallie Mae calculate its payment?
Short Version
Can anyone figure out how Sallie Mae comes up with its personal loan payment amount?
Long Version
I have a friend who took out a personal loan with Sallie Mae, and their payment ...
- 123
0
votes
2
answers
2k
views
Formula for how to distribute a loan payment between multiple loans such that the remaining principal accrues the least interest?
Assume 4 loans (Balance @ p.a. interest):
$10,000 @ 5.5%
$5,500 @ 7.25%
$2,000 @ 5.5%
$1,000 @ 4.5%
If I am looking to pay $7,250 towards principal only, how would I calculate the ...
- 263
2
votes
1
answer
243
views
How to calculate outstanding Graduate Plus Loan balance currently in deferment?
Can someone tell me what I'm doing wrong here?
If I have a $56,500 loan and the interest rate is 7.9% how much will I
owe after 8 months?
I thought this would be fairly simple. I would compound ...
- 1,065