OK...I figured this out a few minutes ago ignore MOST of my previous gyrations.... I see someone has posted the answer below....BUT here is the SAME equal series payment formula that applies as I used before... What you need to think of this as: you are paying off the 12250 @ 5% in 36 months AND you have to continue paying the 5% interest on the OTHER 12250 per month as you go.....so
A = P (1+i)^n [ i/((1+i)^n -1)] n = 3 x12 = 36 i = 5%/12 = .0041667
A = P ( .029970897)
A =12250(.016104933) = $367.14349
PLUS the monthly interest on the OTHER 12250
12250 (.05/12) = $ 51.0416
= 418.185 =~ 418.19 per month for an increase in your monthly payment of
418.19 - 318.20 = 99.99 essentially 100 more a month ! Ta Da!
Thanx Guest for your agreement! Whew! Glad I finally figured out the errors of my ways.....