I am in an interesting situation that I am looking for help with.
I went to college a number of years ago, as did my brother. My mother had two student loans (one for each of us) and a few years ago, combined them into one loan.
The problem is that I have been paying my portion of the loan payment to her and she has been paying the total amount to the loan company. My brother has not paid anything toward the loan.
I am in a position where I am able to pay whatever I owe in one lump sum, and I am just trying to figure out how to calculate that so that I am not paying too much or too little.
Generic numbers for example:
- My total before loan consolidation: $5,000.
- Brother's total before consolidation: $7,500.
- Total after consolidation: $12,500 (obviously).
- Interest rate of 10% (To make the math easier).
- Mother has been paying $250 a month for the loan.
- I have been paying $100 a month for the past 3 years.
- My brother has paid nothing.
I am trying to figure out how to calculate the remaining balance that I owe.
Any help is greatly appreciated.
Thanks in advance,