Please help with 3000.00 *190.00,

Question

Car payment balance. We owe three thousand dollars and the payment is 190.00 . I have tried going through the steps it has been years since I was in school as I am 65 years old. I would like to help my Granddaughter  with her math also.  Thank you so much u r a life saver. ( balance on car is 3000.00 an the payments are 190.00.)

Answer 1

Sounds like 16 monthly payments to me. 16 * 190 = 3040

 

Answer 2

I assume that the $3000 is the remaining principle, so I'd need to know what interest rate you're paying and whether it's compounded (monthly or continuously). 

 

I'm not sure if this is homework problem you're helping your granddaughter with or it's a real question about payments.  If it's a real question (vice a homework one), you can just click on the web site address below, enter your loan info, and it will compute the number of payments you have left.

 

http://tcalc.timevalue.com/all-financial-calculators/personal-finance-calculators/loan-payoff-calculator.aspx?LOANAMOUNT=3000&DOWNPAYMENT=%240.00&PAYMENTAMOUNT=190.00&INTERESTRATE=3.000+%25&COMPUTE=COMPUTE&CALCULATORID=PC08&HIDEFORMTAG=TRUE&TEMPLATE_ID=www.timevaluecalculators.com_1&PostBack=true#results

 

Enter $3000 for the loan amount, 0 for down payment, your interest rate, and $190 for monthly payment, then click on "Compute".