This finance math video tutorial explains how to calculate your monthly car loan payment using a simple formula and checking the work with an online loan calculator for accuracy.
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May I know how do you calcuate them adding the companies adding back in interest based on allowing your first payment to be 45 days after the signed contract date
Sir you lost me as an elderly person. You were doing very good until you got to this part [150 divide 1-(1.005)-120] How do it using a simple calculator? Thank you
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Thank you this helped me a lot, fast too I been trying to buy a car around 20k, the site wants 6.99%, 4 years. If my monthly payment is 478.83$ then my 20k car is $22,983.94 since I can't afford it up front. Gives me a start on what I should be paying
this is wrong math i think because im getting $400 as the monthly payment 30k divided by 120months is $250usd then 6percent of 30k =1800 a year then 1800 divided by 12 = $150.usd so therefore 250+150=400 and if you add insurance and property tax it will be more
We knew there is 2 different type of interest rate calculation ways I forgot the name so the question is which method name is this ? Which American bank or finance company follow ? Thank you teacher
I have spent I don't even know how many days reading articles by my gov. and other magazine to only be quickly explained by you that it is no a compound interest and that it is a flat rate. And each payment gets divided to different categories. Thank you for making such a headache topic so easy to understand.
What is the intuition behind the denominator? I would think that the numerator is the amount for simple monthly payments; do cars follow compound interest rates?
I didn't know you could reduce the interest payment by reducing the principal or by paying it off faster. They should teach this in school. You work doesn't go unappreciated!
Great Video for calculating a Loan payment with a Fixed Annual Interest Rate. T I only have two questions: 1) Is the Fixed Annual Interest Rate the same as what is referred to as APR (Annual Percentage Rate) ??? 2) I ask the above question because I have an auto loan where the only rate shown on the paperwork is the APR. I use that rate to plug into your formula and get $617.14 as the monthly payment. Yet the paperwork of the loan shows the amount as $619.18, which is $2.04 difference (greater). Do you or anyone seeing this comment-post, know why there is a difference? Thanks, John
Probably it has something to do with rounding. The formula use exact number before rounding the final payment. If you round the monthly interest too soon, it will affect the monthly amount. For example. 5% APR means (5/12)% monthly interest (using exact number). If you round it to 0.417, you'll certainly get a number that is slightly off. I suspect this what your lender do. They round the interest first