Most of your payment is going to interest. 9 % p.a is 0.75 % per month So you start with 10.000. Interest on that is 75 $ the first month. So you owe 10 075, you pay 100, leaves 9975, only 1/4 of your payment went to pay down the principal. Next month you owe 9975 plus interest, so it goes up again by 74.8 $, so at the end of the 2nd month you owe 10 049.8 $. See how it's just 50 $ less after a few months?
1/12/08 at 1:56am