If I have, say, 6,000 in debt at 4% interest, and I pay 150 a month, how do I figure out how long it will take to pay it off? What is the math behind it?
Or what if it doesn't give an interest percent but an "interest balance"? As in:
Principle balance: 5,675.25
Interest balance: 6.56
I am trying to make a payment plan for myself to fit with my budget. Any help would be great.