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Auto loan interest is the cost of borrowing money to purchase a car. The lender will look at your credit score, debt-to-income ratio and other factors to determine what interest rate it offers.
Formula for calculating simple interest. You can calculate your total interest by using this formula: Principal loan amount x interest rate x loan term = interest. For example, if you take out a ...
3. Round Up. Rounding up to the nearest $50 or even $100, if you can swing it, is a great way to add extra money every month to the principal. For example, if your monthly payment is $337, you ...
Rule of 78s. Also known as the "Sum of the Digits" method, the Rule of 78s is a term used in lending that refers to a method of yearly interest calculation. The name comes from the total number of months' interest that is being calculated in a year (the first month is 1 month's interest, whereas the second month contains 2 months' interest, etc.).
To calculate the interest payment for a simple-interest auto loan, your lender multiplies the amount you borrowed (P) by the interest rate (i) by the term (n) of the loan.
The term annual percentage rate of charge ( APR ), [1] [2] corresponding sometimes to a nominal APR and sometimes to an effective APR ( EAPR ), [3] is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, [4] etc. It is a finance charge expressed as an annual rate.
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