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Divide the yearly interest amount by the total payments to calculate APR. For example: To calculate APR on a $16,000 vehicle loan for five years — 60 months — with a $400 per month payment ...
The Bankrate auto loan calculator will also provide a full amortization schedule so you can see the amount of interest you’re paying each month and the total interest paid over the life of the loan.
Learn about long-term car loans, their pros and cons, and whether an 84-month car loan is worth it based on your financial situation and car-buying needs.
Average car loan interest rates impact the auto loan you qualify for, and understanding auto loan interest and your credit score can help you make a smart buy.
The denominator of a Rule of 78s loan is the sum of the integers between 1 and n, inclusive, where n is the number of payments. For a twelve-month loan, the sum of numbers from 1 to 12 is 78 (1 + 2 + 3 + . . . +12 = 78). For a 24-month loan, the denominator is 300. The sum of the numbers from 1 to n is given by the equation n * (n+1) / 2.
For the figures above, the loan payment formula would look like: 0.06 divided by 12 = 0.005. 0.005 x $20,000 = $100. In this example, you’d pay $100 in interest in the first month. As you ...
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