…Person has paid me a total of $250 max so far.
Trying to figure out how much they owe me on the Balance Including the Interest?
Early payments matter more than late payments. The formula is pretty simple:
1200*1.13^3.5
for the total amount of $1,840.58. If they just paid you, it’s $250 less. If they paid you one year in, you’d subtract out that amount for the remaining 2.5 years at the same interest rate:
1200*1.13^3.5 – 250*1.13^2.5
and you get $1,501.24.
So you see, it makes a difference when you got paid. The earlier they pay, the less interest accumulates.
Here’s a general loan calculator, though.
hey i suppose its on simple interest basis(tahts what you shud get at the end of 3.5 yrs
use this formulae
I= NPR
here N=42/12 yrs
p=1200
R =13/100
so its 42*1200*13/12/100 = 546
so you should get 1200 + 546 at the end og 3.5 yrs!!
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If you are compounding continuously, and he (I’ll assume "he" here for convenience, but it works just as well for "she", "they", "it", etc.) paid you $250 at the end of 3½ years, then the formula to calculate the current value is:Value = P × ertWhere P is the principal ($1200), r is the annual rate (13% annually = 0 .13/year), and t is the time (3.5 years). e is Euler’s number, which starts 2.71828…. Substituting in these values, we get Value = $1200 × e( 0 .13 × 3.5) = $ 1891.4080.. .So before he paid you back $250, the loan was worth $ 1891 .41, and after he paid you it was worth $ 1641 .41, or $ 441 .41 more now than when he borrowed the money.
If you are compounding continuously, and he paid you $250 after (for example) one year, and it’s been 2½ years since then, then you need to split the formula up into two time periods:Value1 = $1200 × e( 0 .13 × 1) = $ 1366 .5940… [$ 166 .59 interest in the first year]
$ 1366 .59 − $250 = $ 1116 .59 [$ 1116 .59 is the new principal amount]
Value2 = 1116 .59 × e( 0 .13 × 2.5) = 1545 .3947… [$ 428 .80 interest since last payment]
In this example, he owes you $ 1545 .39 now, or $ 345 .39 more than when he borrowed the money.
If you are compounding non-continuously, then the formula is a little different:Value = P × (1 + (r/n))ntAgain, P is the principal ($1200), r is the rate ( 0 .13/year), and t is the time (3.5 years), but now we’ve got a new variable, n, which is the number of times per year you are compounding. Let’s say that you compound once a month; in this case, n = 12/year. So if he didn’t pay you the $250 until the end of 3½ years, then the formula is as follows:Value = $1200 × (1 + ( 0 .13/12))(12 × 3.5)Solving this equation, we get $ 1886 .7855…, or $ 1886 .79 for the balance before he pays you $250, and $ 1636 .79 afterward.
If you are compounding monthly and he paid you back $250 after 2 years, then we’d split it apart like above:Value1 = $1200 × (1 + ( 0 .13/12))(12 × 2) = $ 1554 .1415… [$ 354 .14 interest for the first two years)
$ 1554 .14 − $ 250 .00 = $ 1304 .14 [$ 1304 .14 is the new principal amount]
Value2 = $ 1304 .14 × (1 + ( 0 .13/12))(12 × 1.5) = $ 1583 .2744… [$ 279 .13 interest for the last 1½ years]In this example, he owes you $ 1583 .27 now.
No matter how you slice it, he owes you approximately $1600, depending on how long ago he paid back the $250 and how often you compound the interest.
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Early payments matter more than late payments. The formula is pretty simple:
1200*1.13^3.5
for the total amount of $1,840.58. If they just paid you, it’s $250 less. If they paid you one year in, you’d subtract out that amount for the remaining 2.5 years at the same interest rate:
1200*1.13^3.5 – 250*1.13^2.5
and you get $1,501.24.
So you see, it makes a difference when you got paid. The earlier they pay, the less interest accumulates.
Here’s a general loan calculator, though.
References :
http://www.calculator.com/pantaserv/loan.calc