Am no mathematician but damnit the math here does not make any sense.
Next payment due: 12.67 Payment due date: 10/06/06
Outstanding Principal balance: 7,987.76
Accrued interest: 75.90
Total Amount Outstanding: 8,063.66
Current interest rate is 10+ percent. That translates into almost 3 dollars per day in interest. WTF, that is more than the damn interest on my loan. No wonder the freakin principal balance seems to go up all the damn time.
Mind you this is with a very aggressive repayment strategy I just set up.
Last three payments:
The next payment is set to go out on 09/22/06 in the amount of $100.
According to the guy in India or Pakistan where ever the hell he is, the monthly interest is $65.69. Yet still they are telling me I should pay $87.74. WTF I am never going finish this then. That means at 26 I will be 40odd years and still paying this.
Sallie Mae you can kiss my a.s.s.
I will continue paying twice per month and see where that leads me. (August was the only month where I slacked off).
What I need is a magic number that will actually bring down the ‘Outstanding Principal Balance’.
p.s if this post makes absolutely no sense to you, welcome to the club. I am just as clueless.