I financed 19800 for a car the contract show annual pct rate 18.95 then shows total interest 7176 could this?

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I financed 19800 for a car the contract show annual pct rate 18.95 then shows total interest 7176 could this?

what interest am i getting charged?

2007-02-20 10:29:25 · 3 answers · asked by callman51 1 in Cars & Transportation ➔ Buying & Selling

3 answers

If that number is over the lifetime of the loan then it could be 18.95%. It depends on your monthly payment amount whether that makes sense.

monthly interest should be approximately principal x .1895/12. First interest payment would be $312.68.

2007-02-20 10:38:17 · answer #1 · answered by the Boss 7 · 0⤊ 0⤋

what is the term ?

the interest sounds about right for a three year loan . .

It does seem a very high interest rate though .

2007-02-20 10:42:40 · answer #2 · answered by mark 6 · 0⤊ 0⤋

$7176 is the total amt. paid in interest if you pay back at the scheduled number of months

2007-02-20 10:52:30 · answer #3 · answered by 51 6 · 0⤊ 0⤋