Yay! Thanks for the help. This one is exactly what I needed. I figured out that by making my current monthly payment, I will be debt free in 5 years and 2 months. And in order to be paid off by 2010, I’d have to pay more monthly than I can currently afford. I think. But March, 2011 isn’t bad, right?
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EricaAnn has written 3 entries about this goal
So the loans website tells me how much I have to pay each month to be done paying in 10 years. (So the monthly payment is the variable.)
But I want an equation. I know my principal balance and my interest rate, but I want to know how long it will take to pay off my loan if I pay X dollars every month.
Or, I want to know how much I have to pay each month to be done by January, 2010.
I’d welcome help from anyone who remembers this from math class, because this was the one day I wasn’t paying attention. Really.
Who doesn’t want to get out of debt? Luckily for me, I only have a little bit (student loans), and I’m paying it off already, before they start making me pay it off, and with a higher monthly payment than suggested. My goal is to actually be done paying off my student loans by 2010.
