Overhaulin'

Question about loans...?

I want to take out a $1,000 loan to fix my car. I have good credit for a 19 year old with one credit card but compared to everyone out there it's on the lower side because of the short credit history and such. So the interest rate 20%. Minimum payment is $50 and it's a two year loan. I plan to pay $200 per month. If I pay $200 per month how will my loan decrease. I don't understand the whole interest thing. Cause if I'm at $1,000 and I get 20% interest and a $200 payment I'm in the same spot. So could someone explain what my balance would be each month. (For example month one 1,000 month two 800 month three 600 but with interest calculated in there.) Thanks! =) Ummm if you can't answer my QUESTION then don't answer at all... Is it that hard to read? You read my question and then post an answer that doesn't answer my question? Unless you are answering my question don't post an answer. Thanks.

Public Comments

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