what is the amount of 19.99% on $16,000 for 72 months please show or explain work?

Question

my amount is not adding up with the loan company,s amount.please show or explain answer thank you.

19.99% apr

Answer 1

I got 383.15 per month.

Here's how I get it.

You take the 19.99% APR and divide it by 12 months to get your monthly percentage rate, which is 1.68533333%.

Multiply that by your $16,000 loan balance and you get $266.53 worth of interest that you'll be paying on your first month's payment, which means you'll be paying $116.62 in principal for that first month's payment, totalling $383.15.

The next month it changes because you're loan balance is now $15,883.38. So your second month's payment breaks down to $264.59 in interest and $118.56 in principal.

Each month the interest decreases and the principal increases, always totalling $383.15. And at the end of 72 months it will be paid off.

Answer 2

To find what you owe the bank if you leave the loan unpaid for 72 months, multiply 16,000 by(1+19.99/100/12), 72 times and reduce the answer you get by 10%.

Some geeks use some frightening equations, but I never bothered with algebra at school, I preferred to play football and go out with girls. Others use some fancy calculators costing a pile of money, plus if you press the wrong key you get the wrong result. But me, I prefer to do it with pencil and paper on the back of an envelope and I get it right most of the time. Any way I have done the calculation for you and the answer I get is $47,789
( I am told the mathematically correct equation gives $47,751.86)

But if what you are asking is how much you will have to pay per month to clear the loan, the answer is $368.21
If they are asking you for more, tell them they are crooks using the wrong formulas in order to cheat the public.But after Enron, is that surprising?

Answer 3

The monthly payment is $383.15.

You can verify this for yourself using any on-line mortgage calculator. The way interest works, is that they take 19.99% and divide it by 12 to come up with a monthly interest rate. That rate is applied to the entire balance every month. The monthly payment is determined such that you will pay the interest due each month, plus some amount of principle so that the loan is paid off at the end of the term (6 years in your case).

Answer 4

There are about 8 different ways that banks can use (legally) to calculate your interest...you need to find out which one they are using. Each method has its strong points and week points. The bank will also look at you funny when you print this out and show it too them. As far as they are concerned the way they are using is the "only" way. If you ask enough banks to tell you the formula that they use, you will begin to see, I'm not smoking something. But your bank will tell you otherwise.

I've been doing this a long time and I know what I'm talking about. The bank should also be able to show you a schedule of each months payments with a break down of how much is interest and how much is principle. Without doing any math, I can tell you that before this is paid off in 72 months, your going to pay about 30,000 or more. Judging by the term of the loan, the loan amount, and the interest rate, you just bought a car with a really bad credit history.

As a side note they will be compounding your interest on you daily (this is where the 8 different methods comes in) how that is calculated varies from bank to bank. For example some of them will use an average daily ballance to simplify things. If this is so making an extra payment (even a small 10 dollar payment AFTER your regular payment will pull your average daily ballance down and thus change your payment dramaticly as far as calculating interest charges is concerned. Just make sure you tell the bank when you make the extra payment to put it on your principle. If you make the request, most often they will. If you can make the extra payment at the time of your regular payment, thats even better.

Sorry for the rant. Go to your bank and ask them for the "EXACT MATHMATIC FORMULA" used to caluclate your interest. Don't be supprised if you have to chase it down to a computer programer at the banks IT center. Thats usually where I have to go to get that information. Yes I've done it before. Most of the programers who know anything are on duty at night so getting them is tough but it can be done if you ask the right person for the right phone number. Yes there is a number cause his wife will call him from time to time but no one is going to be in a hurry to give it out to you. Just keep pushing.

Answer 5

Your payments would be approximately $400. Go to www.servicecu.org. Top center are financial calculators. Click on the applicable calculator. Be aware that the price may vary a few dollars due to their addition of disability insurance.

Answer 6

$44.42 per month. 19.99% has to be converted to .1999 before you multiply it by 16,000. What you get from that calculation, you divide by 72 (months) and you get $44.42222... (per month).

Answer 7

4442.20 per month! is that right?