The Deadbeatometer

Paul has been a deadbeat for:

Since we're figuring 5% interest compounded annually, here's how we're calculating the current annual balance, with the help of The Compound Interest Formulavia The Calculator Site's Compound Interest Calculator:

The formula for annual compound interest is A = P (1 + r/n) ^ nt:

Where:

  • A = the future value of the loan, including interest
  • P = principal amount (the initial amount Paul borrowed) = $4,500
  • r = annual rate of interest (as a decimal) = .05
  • n = number of times the interest is compounded per year = 1
  • t = number of years for which the amount is borrowed = 50 (Actuarially, Paul won't live much past 2053)
P = 4500. r = 5/100 = 0.05 (decimal). n = 1. t = 50.
If we plug those figures into the formula, we get:
A = 4500 (1 + 0.05 / 1) ^ 1(50) = 51,603.30
So, the debt balance after 50 years is $51,603.30
See the annual breakdown below:
(interest compounded yearly - added at the end of each year)
Year Year Interest Total Interest Balance
1 $ 225.00 $ 225.00 $ 4,725.00
2 $ 236.25 $ 461.25 $ 4,961.25
3 $ 248.06 $ 709.31 $ 5,209.31
4 $ 260.47 $ 969.78 $ 5,469.78
5 $ 273.49 $ 1,243.27 $ 5,743.27
6 $ 287.16 $ 1,530.43 $ 6,030.43
7 $ 301.52 $ 1,831.95 $ 6,331.95
8 $ 316.60 $ 2,148.55 $ 6,648.55
9 $ 332.43 $ 2,480.98 $ 6,980.98
10 $ 349.05 $ 2,830.03 $ 7,330.03
11 $ 366.50 $ 3,196.53 $ 7,696.53
12 $ 384.83 $ 3,581.35 $ 8,081.35
13 $ 404.07 $ 3,985.42 $ 8,485.42
14 $ 424.27 $ 4,409.69 $ 8,909.69
15 $ 445.48 $ 4,855.18 $ 9,355.18
16 $ 467.76 $ 5,322.94 $ 9,822.94
17 $ 491.15 $ 5,814.08 $ 10,314.08
18 $ 515.70 $ 6,329.79 $ 10,829.79
19 $ 541.49 $ 6,871.28 $ 11,371.28
20 $ 568.56 $ 7,439.84 $ 11,939.84
21 $ 596.99 $ 8,036.83 $ 12,536.83
22 $ 626.84 $ 8,663.67 $ 13,163.67
23 $ 658.18 $ 9,321.86 $ 13,821.86
24 $ 691.09 $ 10,012.95 $ 14,512.95
25 $ 725.65 $ 10,738.60 $ 15,238.60
26 $ 761.93 $ 11,500.53 $ 16,000.53
27 $ 800.03 $ 12,300.55 $ 16,800.55
28 $ 840.03 $ 13,140.58 $ 17,640.58
29 $ 882.03 $ 14,022.61 $ 18,522.61
30 $ 926.13 $ 14,948.74 $ 19,448.74
31 $ 972.44 $ 15,921.18 $ 20,421.18
32 $ 1,021.06 $ 16,942.24 $ 21,442.24
33 $ 1,072.11 $ 18,014.35 $ 22,514.35
34 $ 1,125.72 $ 19,140.07 $ 23,640.07
35 $ 1,182.00 $ 20,322.07 $ 24,822.07
36 $ 1,241.10 $ 21,563.17 $ 26,063.17
37 $ 1,303.16 $ 22,866.33 $ 27,366.33
38 $ 1,368.32 $ 24,234.65 $ 28,734.65
39 $ 1,436.73 $ 25,671.38 $ 30,171.38
40 $ 1,508.57 $ 27,179.95 $ 31,679.95
41 $ 1,584.00 $ 28,763.95 $ 33,263.95
42 $ 1,663.20 $ 30,427.14 $ 34,927.14
43 $ 1,746.36 $ 32,173.50 $ 36,673.50
44 $ 1,833.68 $ 34,007.18 $ 38,507.18
45 $ 1,925.36 $ 35,932.54 $ 40,432.54
46 $ 2,021.63 $ 37,954.16 $ 42,454.16
47 $ 2,122.71 $ 40,076.87 $ 44,576.87
48 $ 2,228.84 $ 42,305.71 $ 46,805.71
49 $ 2,340.29 $ 44,646.00 $ 49,146.00
50 $ 2,457.30 $ 47,103.30 $ 51,603.30