What is the formula to figure out the following finance problem?
I want to pay off my car loan by Feb. 1st 2011. I currently owe $47199.97 on a car loan that has an 8.99% APR. My payment of $226.31 is due on the 11th of every month. I have $2000 to put on the loan on 8/31(in addition to my payment for that month) and also $1000 to put on the loan on Feb first which I would like to be the last $1000 to pay off the loan. So I have 6 more payments to make in the meantime (8/2010,9/2010,10/2010,11/20100,12/2011 and 1/2011). I need to know how much I should pay on those 6 payments so that by the time 2/01/2011 rolls around I will owe exactly $1000 and can just pay it off. The interest is what throws me off, I don't know how to figure this out. please help....thanks!
