bendad2112
New Member
- Joined
- Nov 5, 2004
- Messages
- 25
I am trying to correct some loans issued from a 401k plan that had the wrong interest rate. My best approach is to mimic how the incorrect calculation worked and then just change the interest rate. The data is as follows:
Initial loan- $13744
interest rate- 5.5%
Total expected interest-2032.40
Term 5 years.
I cannot determine how an automated system calculated the expected interest to be 2032.40. If I knew this then I could change he calculation to have an interest rate of 5.75%. Any calculator wiz out there?
Initial loan- $13744
interest rate- 5.5%
Total expected interest-2032.40
Term 5 years.
I cannot determine how an automated system calculated the expected interest to be 2032.40. If I knew this then I could change he calculation to have an interest rate of 5.75%. Any calculator wiz out there?