document.write( "Question 563843: I owed my sister $2,000 in September that she charged on her credit card. Credit card has a 22% interest rate on it. Have so far paid her $200 first month, then $100 a month for the following 4 months. If I wanted to pay her off now what would I owe her, including the interest charges? \n" ); document.write( "
Algebra.Com's Answer #365118 by Theo(13342)\"\" \"About 
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i'm assuming that your sister took 2000 out of her credit card and gave it to you as a loan.
\n" ); document.write( "then she had to pay off the 2000 at 22% annual interest rate per year.
\n" ); document.write( "the calculations would be as follows:
\n" ); document.write( "annual interest rate percent = 22%
\n" ); document.write( "annual interest rate = .22
\n" ); document.write( "monthly interest rate = .22/12 = .01833333333
\n" ); document.write( "in fractional form that would be equal to 22/1200.
\n" ); document.write( "assuming no other activity in the account, your balance at the end of each month would be as shown below:
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document.write( "month	interest	payment	    balance\r\n" );
document.write( "0	0	        0	    $2,000.00\r\n" );
document.write( "1	$36.67	        200	    $1,836.67\r\n" );
document.write( "2	$33.67	        100	    $1,770.34\r\n" );
document.write( "3	$32.46	        100	    $1,702.80\r\n" );
document.write( "4	$31.22	        100	    $1,634.01\r\n" );
document.write( "5	$29.96	        100	    $1,563.97\r\n" );
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\n" ); document.write( "month 0 is when the loan is made.
\n" ); document.write( "month 1 is the end of the first month.
\n" ); document.write( "month 2 is the end of the second month.
\n" ); document.write( "etc.
\n" ); document.write( "you pay interest on the unpaid balance at the end of each month.
\n" ); document.write( "then you deduct the payment.
\n" ); document.write( "what is left is the remaining balance.
\n" ); document.write( "this same process occurs each month.
\n" ); document.write( "at the end of the fifth month, you have $1,563.97 remaining balance.
\n" ); document.write( "that's the amount of the loan that still remains to be paid.
\n" ); document.write( "that's the amount you owe your sister.
\n" ); document.write( "you already paid her a total of $600.00
\n" ); document.write( "the amount of the loan that was paid off was $2000.00 - $1,563.97 = $436.03
\n" ); document.write( "the difference between $600 and $436.03 was the interest that was paid off with the money you gave her.
\n" ); document.write( "pay her $1,563.97 and you should be square.
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