PensionNewbee Posted March 9, 2004 Posted March 9, 2004 A participant borrowed 28,000 from her 401(k) plan, and after making 8 payments, wants to pay off the outstanding balance. How is this calculated?
Lame Duck Posted March 9, 2004 Posted March 9, 2004 There are any number of loan payment calculators available on the internet. With most of them, all you need to do is input the loan amount, the interest rate and the loan period. The calcualtor will determine the rest. It should give you the balance remaining after each payment, as well as the amount credited to interest and principal.
FundeK Posted March 9, 2004 Posted March 9, 2004 Are you asking how to acrrue interest from the last payment date to the date of payoff? If the loan is current, the payoff amount will be the remaining principal balance.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now