What's going to be the total INTEREST paid on my $19,301 Car Loan?

Answers:1   |   LastUpdateAt:2012-10-05 04:20:03  

Asked at 2012-09-14 13:59:03
Hi! I bought a used car for 14,500. With the guarantee , such a gap and it cost me 16,301 and charge a finance charge of 3.000 . I got so damn well confusing . I had made a cover for the distributor so I had to buy the car as soon as possible because my blender one died on me . MedlinePlus MedlinePlus The APR is 7.9 % I do not understand what this means . How much interest will I pay ? What is the rate of 3,000 funding ?
Answer1MoketeAnswered at 2012-10-05 04:19:04
I financed my last car , but did not pay anything close to a fee of $ 3,000. I do not think he was treated fairly. But to answer your question , 7.9% works out to about 8.2% APY , so you're paying around 16.301 * 0.082 = $ 1.336 per year , assuming you paid $ 3,000 in advance. MedlinePlus MedlinePlus Note that this is if you only pay the interest . Since I do not know how old the loan do not know what part of the payment goes to interest . The shorter the loan , the more you pay per month , but you pay less total.
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