6000*24 percent annually = 1440
finanace it for 2 years and you have 2880 in finance charges.
take your 360 tax and itle fee plus your dealer fee (100) and you have $9340.
then subtract your down payment (1000) and you have $8340.
6000*24 percent annually = 1440
finanace it for 2 years and you have 2880 in finance charges.
take your 360 tax and itle fee plus your dealer fee (100) and you have $9340.
then subtract your down payment (1000) and you have $8340.
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ANNUAL % rate & no credit = pwnz yooo.
No one taught you interest did they?Originally Posted by n2daizo123
A car note works by charging your 1/12 of the Annual Percentage Rate on the total amount each month. You're making a payment every month so the amount you borrowed is less every month.
According to your standard payment calculator:
2 year 24 month loan on $6,000 = $317/mon
BankRate Auto Loan Calculator
So that means in the 1st month:
Month 1: 6,000 x (.24 / 12) = 120 in interest + 197.23 principle = 317 payment
Month 2: 5,802.77 x (.24 / 12) = 116.06 in interest + 200.94 principle = 317 payment
...
It's called an amortization table.
A 24% APR note on $6,000 would get you $1,613 in total interest payments over 2 years. 317 x 24 months.
Last edited by Jkuao; 08-08-2007 at 07:24 AM.
'06 G35 Sedan | 6MT
You obviously know more about this than i do. I was just throwing some numbers together to see how he was going to pay 8400 for a 6000 dollar car.
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