does anyone know how the math is figured on APR interest/financing..
i got a car loan for roughly 15,000
at 3.95% interest (so for the sake of math we'll say 4%)
my interest varies monthly between 28ish to 35ish depending on how many days are in the month
so well say 30 dollars (times) 60 payments.. equals
1800 dollars total in interest.
however 15,000 divided by 1800 in interest wquals roughly 8%...
wtf? is my math wrong??
im really trying to figure out if buying a
used 09 max - 15-16k at 10% interest
is cheaper or more expensive than
brand new 2010 - 18-19k at 3.95% interest
if you know how interest works id appreciate your input!
i got a car loan for roughly 15,000
at 3.95% interest (so for the sake of math we'll say 4%)
my interest varies monthly between 28ish to 35ish depending on how many days are in the month
so well say 30 dollars (times) 60 payments.. equals
1800 dollars total in interest.
however 15,000 divided by 1800 in interest wquals roughly 8%...
wtf? is my math wrong??
im really trying to figure out if buying a
used 09 max - 15-16k at 10% interest
is cheaper or more expensive than
brand new 2010 - 18-19k at 3.95% interest
if you know how interest works id appreciate your input!