From the above answer, when the loan started from $1\mathrm{.}4$ million you said that:

$1.$ Loan Amount Due After $8$ Months: $1,370,630\mathrm{.}70$

$2.$ Final Balance Owing After $14$ Months: $1,368,208\mathrm{.}70$

So why is it that from $8$th month to $14$ months that the loan went down only $2422$ dollars down? Note $6$ months of interest and principal payments were paid.

Thank you

Sanjay

You have made a mistake, and please correct it$.$ Common sense is that when you have a loan of $1\mathrm{.}4$ Million then after $8$ months of principal and interest payments, the loan will be smaller amount. you are coming back with over $3$ million balance owing in step one. Secondly you have plugged in incorrect number in the P of your formula.

Please correct the problem.

Thank you

Sanjay

Loan of $$1,400,000$ for $8$ months at $8\mathrm{.}80\%$ with monthly payment of interest and principal of $$13,566\mathrm{.}67$ dollars. What is the loan amount due after $8$ months?

The loan was not paid so now the interest rate is $12\%$ for next $6$ months with $$14,100$ monthly payment. Now what is the final balance owing amount due after $6$ months to the bank? What is the total interest paid after $8$ months$(8\mathrm{.}80\%)+6$ months$(12\%)?$ Show all calculations by caclulator and by formulas