>>123740Simple 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 interestThe Jews would never allow it.
