Inactive Tutor answered • 11/21/14
Tutor
New to Wyzant
What amount are the regular monthly payments of B and C?
To begin:
A owes 22769.80
B owes 3170.48
C owes 2882.25
After monthly payments:
A owes 21769.80
B owes 3045.48
C owes 2757.25
B owes 3045.48
C owes 2757.25
The total owed is 27572.53
Of this amount
A owes 79%
B owes 11%
C owes 10%
Linda J.
Sorry, I forgot to add that the regular payments cover mostly interest charged each month with small principal amounts left over.
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11/22/14
Inactive Tutor
Is A's payment all principle, or is some of it interest?
Knowing the exact amounts of the payments that reduce the principal is necessary to make accurate calculations.
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11/22/14
Linda J.
Each person's payment only reduces the principal by about $10. $290 of the $12,000 is interest.
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11/22/14
Inactive Tutor
Recalculate "After monthly payments" using the amounts actually applied to the principal.
Then calculate the percents.
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11/22/14
Linda J.
Thanks, Mark. I think I just needed to think it through with someone else.
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11/22/14
Inactive Tutor
Linda,
I am willing to assist you. That has been evidenced by my past efforts.
To assist you accurately, information has to be accurate.
Mark
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11/22/14
Linda J.
11/21/14