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How much interest will I pay on a $40,000 loan @3.9% for 60 months

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$ 8597.07

Posted on Mar 18, 2011

  • davedeepse Mar 18, 2011

    My question, more specificaly is how much interest will I pay, in total on a car loan of $25,000 financed @3.9% with 60 equal payments?

  • techsupp64 Mar 18, 2011

    On 25K @ 3.9 for 60 months total interest will be $5373.19.

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I have a figure of 76160.00 how do I determine the percentage interest charged in this figure


its a lot of calculations you can try a per month system
loan givers do interest calculations daily

interest is added to your loan after you pay
so adds to the loan amount and increases the interest payment
every amount shown on the loan account has to be worked out

Interest Only

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Tip

Tips for Driving Down the Price of Your Auto Loan


Here are some helpful tips for taking out an auto loan:
Before you sign on an auto loan, make sure to compare interest rates. The car dealership may not offer you the best rate. Check other lenders such as banks and credit unions. (Credit unions usually have better rates.) There are many sites online that compare interest rates from different lenders.
If you are able to come to the dealership with a pre-approved loan, you can focus your energy on negotiationg a better price for the car. Once you've been told you have a loan, make sure you have the loan in writing before you buy the car. Your credit score may not be high enough to be eligible for the loan you are offered. That's why it's important you know your credit score, so that you can better negotiate your interest rate on the loan.
Also, avoid loan stacking: Car dealerships may offer you a new loan that will help you pay off a loan on your previous/current cas as well as finance a new car. This is never a good idea. Agreeing to this type of loan means that you are taking out a much bigger loan than you need to.
Try to pay off as much as you can up front, so that you won't need to be paying off the car for years and years to come. In general, it's always a good idea to avoid long-term loans. Although these usually come with low monthly payments, your car's value could decrease signigicantly before you pay off the loan. You may be stuck paying off a loan for a car you no longer even want.
Also, be sure to ask if there are any penalties for paying off your loan early.
I hope these tips helped you with purchasing your new car!

on Sep 23, 2013 | Finance

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Which home loan is better: Long term or Short term?


A home loan is always considered to be a good debt. So, longer home loan tenure is going to benefit the applicants more. An applicant who is apply for a home loan online, you enjoy the benefit of tax deduction for the entire tenure of the loan.
In case of short term home loans, your house loan EMI amount will be pretty high, so you may not be able to afford it. But you have to repay less to the lender. But in case of long run, your per month repayment will be less and affordable, but you will end up paying much more than what you have actually taken as loan. Your principal amount and your repayment amount will have a huge difference.

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1 Answer

How much is intereston 1 varable 2 fixed rate


interest is interest
fixed is calculated yearly on the principle and is paid 365 days time
variable changes and is calculated daily ( 1/365 part of the interest rate ) and added to the remaining principle monthly
so if you have a loan of $1000.00 on fixed interest of 10% , regardless of how much you have repaid in a 12 month period , it is 10% of the principle loaned
with a variable interest the interest rate could be 10% today, 15% in 2 months time or 6% later on
it is variable
to add to that it is calculated on a daily basis (1/365 of 10%) and added to the principle left after receiving a payment on the loan
so for a $1000.00 the interest is added to that principle at the end of the month if there is no loan repayment or is added to the principle balance after a payment
the difference is that a variable interest rate loan will allow you to save money if you pay off well before the period of the loan but will add almost 2 to 3 times the loan if you pay the absolute minimum for the period of the loan
a fixed rate is where you know exactly the total interest to be paid at the end of term

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What's An Installment Loan?


It is a loan repaid in an agreed series of payments, or installments, of some period of time. The payments may be made weekly, monthly, or some other agreed period, over a period of time which may be a few months, or many years.

A mortgage is a type of installment loan.

The repayments may be made against the principal (the amount loaned), principal plus interest (most common arrangement), or some other agreement.

It is possible for loans to eventually make the borrower repay a lot more money than the amount borrowed, if care is not taken to understand the agreement.

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Calculate interest


That would depend on how long the loan is for. If it's a one-month loan then the first (and only) monthly payment would be 48,257.25. If it's a one-year loan then you'd make twelve monthly payments of 4630.58 each. If it's for thirty years then the monthly payment would be 1257.34 .

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Why do new car loans generally have lower interest rates than used car loans?


You often noticed the car that is old is charged more interest rates as compare to the new one. Here is the main reason old car has less liability rather than a new brand for the dealership. This is the main reason to get paid high interest rates for old car.
There are also different categories for getting car loans,1-2 years old cars have to pay less interest and 2-3 more and so on.
But you can find lowest and cheapest car loans by online search for the online loans lenders.

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Want a website that deals in bridiging finance, any suggestion please?


Bridging finance is very helpful when you need a short term finance.I recommend you to check http://www.charlesfrankfinance.co.uk/

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Once you're in the TVM solver:
On the top line (N=) type in 5 * 12 ENTER for five years of month payments.
On the I% lline type in 5.5 / 12 ENTER for the month interest rate.
On the PV line type in 18000 ENTER
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The months to pay off a loan are incorrect on my 17BII


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