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I am paying on a judgement to suttle hammer & white. I have a balance of 3055.92 when I agreed to make 50 a month payments, made 2 payment and balance is 3000.92 so is it 25 a month in interest? He said its 9% annual....I am confused Thank you.
Sounds about right. 9% of $3055.92 is $275.03. $275.03 divided by 12 months is $22.92 per month in interest.
As you pay the balance down, your dollar amount in interest will also go down.
@penny_e wrote:I am paying on a judgement to suttle hammer & white. I have a balance of 3055.92 when I agreed to make 50 a month payments, made 2 payment and balance is 3000.92 so is it 25 a month in interest? He said its 9% annual....I am confused Thank you.
At $50 a month, you will be paying for 6 years (72 months). The total amount of interest you will pay is around $485. If you use Excel or you can just Google a Loan Amortization schedule and it will show you how much of your payment is going to interest and how much is going to the principal each month.
Clearly the OP decided to post their question here to learn and better their understanding. I don't see how the lengthy post above adds any value at all or serves to do anything other than make the OP feel belittled when all they are doing is asking for help. When the vibe around here should be "there are no dumb questions" your post essentially points the finger and says "that was a dumb question." That's how I perceive it anyway, so I wouldn't be surprised if the OP did as well.
When someone starts off by saying "I swear I mean no offense and I'm not trying to be a wise guy” You know the post is not going to add any value. OP I hope you got the answer you were looking for and you and others are not discouraged. We are all here seeking advice and to help each other and sometimes it is a simple congratulation. This forum has no place for insults. I wish you good luck.