Need math help for over due payments
I own my house, but I have an HOA that has to be paid every month. When I bought the house in late 2015, the HOA refused to take my money for the monthly payments. In fact they would send back my check. When I called and spoke with them they said that due to my name not being in their records that they wouldn't accept my money until the sellers filled the correct paper work with their office. So flash forward to may of 2016. My car needed a costly repair i used the money that i had been saving for the HOA to pay that so i keep going to work, within 2 weeks i receive a letter from the hoa stating that all paper work has been filled with them and they can now start accepting my payments. I receive a bill a few days later, saying that I had 3 months to pay back aprox. $1100 and that I would not be charged a late fee. So I started making payments. But I'm on a strict budget so I can only pay $300 a month but they have to be spread out over 2 pay periods $150 each period. My question is based on the numbers below and obviously what ever late payments and late fees will I incure due to me paying late. How long will it take me to pay it off and be back to only paying the $140 a month since I can only pay $300 a month?
Late charge $40 June pass due $80 Late fee $40 Return check fee $30 (don't judge me) July $140 Late fee $40 Aug $140 Late fee $40 Oct $140 Late fee $40 Nov $140 Late fee $40 Dec $140 Late fee $40 Jan $140 Late fee $40
Edited for clarification
Posted Jan 5, 2017, 11:47 PM UTC