# Bank Loan Math Question?

John took out a loan for 3000 dollars. The bank made a payment plan of 60 months at 73.80 for 59 months and then 73.40 for the final month. The cost of his credit as a yearly rate is 15.99 percent. After 60 months (5 years), John will owe the bank a total of 4,427 dollars and 59 cents. If John pays the loan in less...
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John took out a loan for 3000 dollars. The bank made a payment plan of 60 months at 73.80 for 59 months and then 73.40 for the final month. The cost of his credit as a yearly rate is 15.99 percent. After 60 months (5 years), John will owe the bank a total of 4,427 dollars and 59 cents. If John pays the loan in less than 5 years, the amount he must pay the bank will NOT be 4,427 dollars and 59 cents.

A. How much must John pay the bank if he returns the loan in full in 6 months?

B. Same as A for 1 year.

C. Is there a formula to work out parts A and B? If so, what is that formula?

Thank you.

A. How much must John pay the bank if he returns the loan in full in 6 months?

B. Same as A for 1 year.

C. Is there a formula to work out parts A and B? If so, what is that formula?

Thank you.

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