2007-06-18 09:59:48 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
$273.16/month
What kind of loan are you getting here? If you are buying a used car on a seven-year "mortgage" with an 18% interest rate, you are getting royally screwed.
I don't know your financial situation or history, but I would try to find a better deal.
2007-06-18 10:16:14 · answer #1 · answered by brette71 4 · 0⤊ 0⤋
APR and interest rate are 2 completely different things so I don't think any of the calculations listed are correct. They are all assuming 17.99% is the interest rate. If it is actually 17.99% interest rate- then the previous calculations are correct. Otherwise you would need to know the actual interest rate in order to calculate the payment- not the APR.
2007-06-18 10:45:27 · answer #2 · answered by flamingojohn 4 · 0⤊ 1⤋
According to this website http://www.bendigobank.com.au/personal/calculators/loan_repayments_calculator.asp it looks like $13,000 at 17.99% for 7 years would be $273.16 per month.
2007-06-18 10:16:54 · answer #3 · answered by David W 1 · 0⤊ 0⤋
That is really high.. try to get a lower apr
2007-06-18 10:21:31 · answer #4 · answered by shorty21 5 · 0⤊ 0⤋
$273.16 is what I calculate.
2007-06-18 10:15:20 · answer #5 · answered by Wayne Z 7 · 0⤊ 0⤋