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?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?
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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
I think you can find a bank that offers loans with low deposits, but I think that the interest rate will be very high. I had two loans with a high-interest rate, and it wasn't delightful. It was not hard for me to pay for them, but I realized how much money I am losing. This is why I decided to combine the loans. It permits me to pay off the loans faster and lower monthly repayments. So when I pay the last rate of my loan, I won't lose so much money to pay for two different loans, which permits me to make more money-saving.
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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
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 .
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 Make sure the FV is 0 and END is highlighted on the bottom line. Move the cursor to the PMT line and press ALPHA [SOLVE] (that's ALPHA ENTER) and see -343.82 for the monthly payment.
This is something you should see your financial institution over, but when i work the math your looking at a 60 month loan total principal divided by # of months in the term i get a $972 monthly payment, $58 going to intrest out of each payment.
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