Can Someone Help me Work This Out?

loveandlight

Happy Christmas everyone.:santa2:

Can anyone help me work this out? (On the face of it, it seems easy but then I think the interest must surely get less every month as the capital gets repaid and becomes less?)

My sister is renting from a friend who is also her landlord and her landlord friend owes my sister £2,500.00 with 20% per annum interest.

My sister pays £346.67 a month in rent (don't ask why such a peculiar figure).

The agreement is that my sister could stop paying her rent to her friend until my sister had been paid in full by her friend. My sister stopped paying rent in June 2012. When does she start paying rent to her friend again?

Th1984

Ok,
Payment. Capital. Interest. Balance
1- June 2012 346.67 346.67 0.00 2,153.33
2- July. 2012 346.67 310.78 35.89 1,842.55
3- August 2012 346.67 315.96 30.71 1,526.59
4- Sept. 2012 346.67 321.23 25.44 1,205.36
5- Oct.2012 346.67 326.58 20.09 878.78
6- Nov 2012 346.67 332.02 14.65 546.76
7 - Dec 2012 346.67 337.56 9.11 209.20
8- Jan 2013 212.69 209.20 3.49 0.00

Your sister will need to pay rent of 133.98 in jan then normal from then on....

loveandlight

Thank you so much Th1984. My sister and I really appreciate it. :kisses: