Flopnuts help me out here.

Lets say you get a loan for $3400

You put $500 down in a down payment, and have 10% compound interest.

You pay $400 a month back on the loan.

What does that 10% compound interest mean?

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This is a safe place Nut.

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The only difference between that and a normal interest loan is, you pay interest on your interest with a compounded interest loan.

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Keep this in mind Buck. In the beginning, your interest is higher because you owe more. You're paying interest on that interest right out of the gate. 10% is good, but that is going to raise it probably by around 3% over that time frame from a more conventional loan. That's a total off the top of my head guesstimate. It could be more, or less. Bottom line, pay that fucker off asap. Your credit is better than that rate.

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Can you do the math for me?

10% of the $3400 is $340

So Then you owe $3740 total?

I'm trying to help a friend out.

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It's not going to be that much. Give me a minute.

$3679.89 over 9 months. Here's a link to a compound interest calculator. You can play with the numbers. Obviously you want to divide that $400 into the total to get the amount of months for payoff.


http://math.about.com/library/blcompoundinterest.htm

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