Need help figuring payment and interest on short term loan?

digitaldiva1229 asked:


I am a wedding photographer and one of my clients is now in breech of contract for nonpayment. I have no use for her pictures and would prefer to have my $$. In my contract I financed interest free for 4 months with payment due before wedding. Bride had sob story and I extended for two month. STILL no money two month later. I am now sending her a Consumer Loan Agreement with interest. I have never done this and can not figure what the payments plus interest will be. HELP!

The principle is $1318.07. The interest is 19.99% and there will be three payments starting Sept 30, Oct 15 and Oct 30.

Any sharp financial types out there able to help a photographer out?
Thank you but I do accept those cards but many people do not have credit. I did write that I have contract expecting payment before but out of kindness we extended for her. We will do that knowing how much weddings cost. She is the only one who has never paid. I have no use for her pics and would perfer the $$. I just feel she needs to pay interest now.

June

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2 Responses to Need help figuring payment and interest on short term loan?

  1. Frank Castle says:

    Vernon

    Give all the pictures to her for FREE and get a Visa, MasterCard, Discover or American Express Terminal and charge to your customers BEFORE THE WEDDING.

  2. mitch w says:

    Loretta

    the total due is 1382.07… there is approx. 64 dollars of interest which is 21.60 per month and three months due…. spaced over 3 payments that would be 460.69 per payment

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