When I was in school, I was paying only interest on my Sallie Mae student loans. Now that I am graduated, my payments are made on the interest as well as principal. I am trying to calculate my monthly payments per loan for the next six months, but I don't have a great understanding of finances so I'm having some difficulties.
Here is an example of one of my loans.
- Loan amount: $7,995
- Fixed interest rate: 11.375%
- Disbursement date: January 3, 2022
- Maximum repayment term: 180 months / 15 years
- Current balance: $7996.90
- Principal and interest repayment start date: May 3, 2023
- First principal and interest payment (that was due May 3): $91.83
- Next payment amount (due June 3): $93.09
How can I use these values to calculate my monthly payments for the following months? Any help is greatly appreciated. Please forgive my financial ignorance and let me know if there is anything that I need to provide that I didn't.