Helloooo everyone!!!!
If your'e a math wiz, Please help
My wife has a school loan that we're trying to pay off by the end of OCT 2013.
we have to options and dont know which is the best way to pay it off.
She currents still owes:10,285.68 with a 5.38 percent.
we currently are saving 2,400 a month. She makes a 112 dollar minimum payment to school loan.
if we save:
july-1,844*(not able to save as much this month)
august-4400 *( we both get an extra paycheck this month,So we can save 2000 more)
sept-2400
Oct- 2400
thats a total of 11,044.
would it make sense to save that money and have my wife contuine to make her 112 dollars and save 11,044. and by the end of OCT just make one huge final payment. which the payoff calculator said it was 10,503 becasue of the daily intrest for the next couple months.
OR
this is where i need someone to help with the math. I dont know how to calculate intrest or what not
should i make bigger payments at the end of each month. How much intrest would i really be saving.
so my payments at the end of each month would be this
july- 1844 + 112
august-4400 +112
sept-2400+ 112
october- 2400+ 112
i know when we add all this up.. its more than what my wife has to owe on her princple.. the left over would just go to another savings acount.What is the difference of savings from option 1 and option 2.
I hope this even makes sense. im even confuse. its all confusing to me. Please help
If your'e a math wiz, Please help
My wife has a school loan that we're trying to pay off by the end of OCT 2013.
we have to options and dont know which is the best way to pay it off.
She currents still owes:10,285.68 with a 5.38 percent.
we currently are saving 2,400 a month. She makes a 112 dollar minimum payment to school loan.
if we save:
july-1,844*(not able to save as much this month)
august-4400 *( we both get an extra paycheck this month,So we can save 2000 more)
sept-2400
Oct- 2400
thats a total of 11,044.
would it make sense to save that money and have my wife contuine to make her 112 dollars and save 11,044. and by the end of OCT just make one huge final payment. which the payoff calculator said it was 10,503 becasue of the daily intrest for the next couple months.
OR
this is where i need someone to help with the math. I dont know how to calculate intrest or what not
should i make bigger payments at the end of each month. How much intrest would i really be saving.
so my payments at the end of each month would be this
july- 1844 + 112
august-4400 +112
sept-2400+ 112
october- 2400+ 112
i know when we add all this up.. its more than what my wife has to owe on her princple.. the left over would just go to another savings acount.What is the difference of savings from option 1 and option 2.
I hope this even makes sense. im even confuse. its all confusing to me. Please help
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