can not get the solution for this problem...amortization

Question

what amortization would be required every 6 months at 14% interest, to pay off a 35,000 loan within 4 yrs? I have tried and tried and can not get it. Help.

2. tax liability of $6,420 and owes additonal taxes amounting $235/ entitled to 1 tax credit of $374 and another credit $563. employer witholds $260 every 2 wks from paycheck. how much will receive or owe. help on this one too,. have been working on it all day and nothing,.

Ok Haydee, did you check the Amortization calculator at Wikipedia like I suggested?
For your problem I think i=.07 since this would be half a year's interest, n=8 since there are two payments for 4 years and P=35,000. I'll look at the second problem shortly.

Problem 2.
tax liability = 6,420
+additional tax= 235
-tax credits = 374 + 563 = 937
__________________
tax liability = 5718

If 260 is withheld every two weeks then 5718/260 is approx. 21.99, which means at least 22 2wk periods, or 44 weeks, will be needed to pay off the tax liability, if I understand the problem correctly. Should this be another amortization type problem?

Huh? What's this about?

Answer 1

I have a loan of 35.000 for 21 years my payment is 304. A month at 6.5 interest. How much do I need to paytoward the principal ea h month to pay the loan off in 5 years