Aug-18-2008
Can you help me how to calculate the APR by the calculator , and how does it apply to a loan ? Thanks a lot?
Ex: A car’s price 10,000; 5%APR within 36, 48 and 60 months. We pay monthly: $300*36 = 10,800; $230*48 = 11,040; $189*60= 11,340
We pay 800, 1040, or 1340 or the interest . How does the borrower calculate monthly payment for us base on the APR and the time length ?
for 36 months they will eat about 780 in intereste rate.
The formula for this is actually about half a page and is really a little extreme to do on a regular calculator. Look at a financial calculator.
We all have a computer generated report we use. Call your bank or have the salesman show it to you. Rates fluctuate and are not soo much set by the seller.
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