Quote Originally Posted by Jkuao
No one taught you interest did they?

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.
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.