How do i amount out how much interest i am paying on my vehicle loan?
loan= 13000... interest rate is= 7.09%... months= 60
Answers: $2478.08 Go on line and search interest rate calculator.
It is NOT 7.09% of $13,000 which is $921.70.
$257.97 per month would be your sum.
If you are paying any interest on a vehicle it is too much! You are supposed to save and pay lolly for cars. They drop in value close to a rock and are never a good investment. You are supposed to buy what you can afford used and then buy another used when that one is finished until you can afford to clear cash for a new one. By later you won't want to waste your hard earn money that way! umm..u could do the math yourself or ask for a itemized statement of your account it will show your down transmittal,carnotes that have been salaried,and how much goes to interest.plus it all depends on if you be making prinicipal only payments and paying the interest separate or was it adjectives coming from your monthly note
you'll be paying $921.70 for the interest
which you'll pay $232.03 monthly
and $216.67 of that go to the principal amount
while $15.36 is the interest
(and that is for the 60-months of paying term)
Read your loan contract. It all must be stated surrounded by the loan contract before you even signed it! here is a calculator that will help you near that.
http://www.mwafcu.org/calculator_auto_lo...
Ask
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Answers: $2478.08 Go on line and search interest rate calculator.
It is NOT 7.09% of $13,000 which is $921.70.
$257.97 per month would be your sum.
If you are paying any interest on a vehicle it is too much! You are supposed to save and pay lolly for cars. They drop in value close to a rock and are never a good investment. You are supposed to buy what you can afford used and then buy another used when that one is finished until you can afford to clear cash for a new one. By later you won't want to waste your hard earn money that way! umm..u could do the math yourself or ask for a itemized statement of your account it will show your down transmittal,carnotes that have been salaried,and how much goes to interest.plus it all depends on if you be making prinicipal only payments and paying the interest separate or was it adjectives coming from your monthly note
you'll be paying $921.70 for the interest
which you'll pay $232.03 monthly
and $216.67 of that go to the principal amount
while $15.36 is the interest
(and that is for the 60-months of paying term)
Read your loan contract. It all must be stated surrounded by the loan contract before you even signed it! here is a calculator that will help you near that.
http://www.mwafcu.org/calculator_auto_lo...
Ask