anyone here good at math?
based off the information here, what's her interest rate?
shameless self bump
>>123743
Bumping as the OP doesn't work on any board if the fucking thread is under ten minutes old. Why would you even bother attempting to bump in two minutes when your thread is the third most recent thread? What board requires you to even try that in less than ten minutes?
A = P(1 + rt)
A is the total amount owed (at this point, 77976.63)
P is the Principal loan amount (26400)
r is the interest rate, our current variable
t is the amount of time passed (23 years)
Solving for r gives about an 8.5% simple annual interest rate.
So she only paid back 1421$ a year? That seems pretty fucking low, that's less than 120 bucks a month.
>mfw 1,9% interest rate.
>>123782
> tfw you realise our welfare state only work because of oil and we will have to tear it down as oil become more and more worthless
Enjoy 1,9%, fellow Norwayfag. Your kids will not experience it.
>>123798
>my kids
>>123740
>what's her interest rate?
very low
I'm guessing that economics class wasn't nearly interesting enough
>>123765
>>123771
that makes absolutely no sense; 8.5% interest on 26400 would be costing 187 per month in interest alone
let alone the legality of those terms but was she seriously so stupid she didn't know she wasn't even paying enough to keep the amount of debt the same?
>>123740
Simple 11th grade math OP:
Owed = ((Borrowed*rate-payment)*rate-payment)*rate-payment ... [23*12 times]
Owed=Borrowed*rate^(23*12) -payment∑rate^n [from n=0 to 23*12]
Owed=Borrowed*rate^(23*12) - payment(1-rate^(23*12+1))/(1-rate) [geometric series]
Payment=32700/12/23=$118.48 (monthly)
rate=1.00561 (monthly) [solved numerically cause I'm lazy]
(rate-1)*Borrowed=$148.10 (monthly) [interest added each month not counting interest on interest]
rate=(1+interest)^1/12
interest = 6.94% (yearly)
She isn't paying off the full amount of interest every month. If she chipped in an extra $30+/month it would have went down.
>>123765
>simple interest
The Jews would never allow it.
I borrowed $1,800 in 1994.
Defaulted.
in 1997 my loan debt was bought and a $1,000 collection fee was added on. Total debt was $2,900. Collection called and said bad credit blah blah. Send us $1,000 immediately or we will ruin your credit. Make payment arrangements or get bad credit.
Freak out. Send $1,000.
Never hear from company again.
Student loan is sold 7 times over 8 months. Each company adds on $1,000 collection fee.
9 months later collection company, different one, calls. You owe $7,900.
mfw my loan was $1,800.
tell them to go get fucked.
government takes my taxes from 1998 to 2015. every year. no matter how much i get back.
wage garnished $42.50 from 2001 to 2002 24 months. thats 1,020.
current year 2016. still owe about $1,800.
i think i have paid about $35,000 total on a $1,800 student loan.
>>123963
>land of the free
>>123805
This, having kids is detrimental in this day and age.
>>123963
You should have gotten a lawyer early on.
>>123883
>but was she seriously so stupid she didn't know she wasn't even paying enough to keep the amount of debt the same?
well, obviously. how else would she end up with "borrowed: 26k, still owe: 45k". she *must* have run a serious monthly deficite.
