Yahoo Answers: Answers and Comments for New Car Finance  Math Help? [Mathematics]
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From Lucie
enUS
Fri, 16 Oct 2009 04:11:07 +0000
3
Yahoo Answers: Answers and Comments for New Car Finance  Math Help? [Mathematics]
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https://answers.yahoo.com/question/index?qid=20091016041107AAEktc3
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From sarratt: You can not anticipate that there's simply...
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Fri, 23 Sep 2016 06:06:03 +0000
You can not anticipate that there's simply the only style of mortgage. Reading the agreement might specify what you'll and can't do and considering there is all type of special agreements you can pass into, your query is inconceivable to reply.. RE: Car financing query???  Lets say a vehicle bills $five,000 and the trader goes to finance a vehicle mortgage for you with an curiosity price of 24%. If you pay the per 30 days vehicle notice each month for 60 months, you're going to have paid approximately $eight,000 this means that $three,000 of that's curiosity. Lets say your per 30 days notice is $one hundred thirty however a few months you pay $500......will that shrink the quantity of curiosity you pay subsequently? I bet to sum all of it up I am asking: If you pay your vehicle mortgage off faster than the 60 months, will the curiosity be much less?

From Anonymous: Actually, the nominal annual interest rate com...
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Fri, 16 Oct 2009 06:44:34 +0000
Actually, the nominal annual interest rate compounded MONTHLY is 12 * 1.18% = 14.16%. 15.12% would be the nominal annual interest rate compounded ANNUALLY, also known as the annual effective interest rate. Of course, like all math, this means nothing to most people since math doesn't apply well to real life. I blame it on the crappy math education in the USA.

From nyc_kid: Using my financial calculator I get that your ...
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Fri, 16 Oct 2009 06:05:35 +0000
Using my financial calculator I get that your financial cost per month is 1.18% which is equal (compounded monthly) to be 15.12% annually.
Therefore, at the end of the first month your payment of 163.21 consists of:
82.54 (1.18% of 6995) interest (not 46.63 as you state) and 80.67 of principal payment.
At the end of your second month your interest payment will be 1.18%
of ( 6995  80.67) = 81.59 etc.
Indeed total interest payment over 60 months amounts to 2797.60.
Good luck and enjoy your car.

From Gerald D: Go to GOOGLE or any other search engine you ca...
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Fri, 16 Oct 2009 04:31:44 +0000
Go to GOOGLE or any other search engine you care to use and type in calculate car payment. You should be able to get all the information you need.