Hi,

I just recently took out a personal loan for $3,000 dollars to pay off misc. debts and to buy a computer. The loan papers that I got show that my fixed payment amount is $107.85 per month for 36 months. My interest rate is 17.750% and the APR is 17.771%. It is on the amortized principal and interest payment plan. When I enter this data into various loan calculators it predicts my payment amount to be $108.08 per month. If this is so, then where did the bank get the $107.85 per month? Now, my real question, say I was able to pay $200.00 a month for 1 year at which point I would pay off the loan completely. How would I go about making a calculation to determine the total amount I would pay at the end of that year?

Maybe they gave you a lower interest rate (17.60% works out to your payment amount of $107.85). It sounds like they have done you a favor.

Starting with $3000.00 at the rate of 17.60%, after 12 months of payments @ $200/ month, your balance should be $969.27. If the rate is actually 17.75%, your remaining balance would be $972.82.