I have a question please, I'm having a difficult times calculating the right way this one...
I took a loan on July 3 2014 of \$50,000 from my bank for my friend, split it on 12 installments (about \$4330) each month.
each 3-rd of each month he paid me \$4330 in the beginning of the February 2015, my friend owed me \$10500 from some other deal.
Due to some circumstances we decided to "renew" the loan from the bank
on February 02 2015 we arrived to the bank and renewed the loan back to \$50,000
They removed what's left from the previous loan (\$25,500) and \$24,500 went in to my account, from which I gave \$14000 to my buddy... so a new \$50000 loan started from March 03....My buddy paid \$4350 each month since then... now we want to close this loan, how much he should pay ?
Is he supposed to close whatever amount of installments left and then he owes me \$24500 ?
Help me please!