If I was ordered to pay $3200 month and I have been paying $1600 every two weeks for a year how much $ have I over paid?

Question

I am trying to see how much I have over paid for the year so I can get proper credit for my payments.

Answer 1

($3200 per month)*(12 months) = $38,400

 

There are 52 weeks in a year, so if you pay every 2 weeks, you make 52/2 = 26 payments:

 

($1600 per payment)*(26 payments) = $41,600

 

The difference is:

 

$41,600 - $38,400 = $3200

 

Basically, by paying every two weeks (26 payments) vice twice a month (24 payments), you make two extra payments per year at $1600 per payment, so you overpay by $3200.