As an example use 10% interest just to make the numbers easy.
2007-08-16 14:12:55 · 3 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Look on the www for an Amortization schedule. Fill in the numbers. Try : http://www.mortgage101.com/Calculators/Amortization.asp?p=mtg101
Even though this is for housing the principle is the same. It will give you the payment, interest paid and the remaining amount to be paid.
2007-08-16 14:31:21 · answer #1 · answered by John P 6 · 0⤊ 0⤋
It's not that simple. The formula is rather complex, requiring either a business calculator, an Excel spreadsheet, or an online loan calculator such as the one at the following web site:
http://www.autoloancalculatoronline.com
2007-08-16 14:43:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
They take the amount of principle that you owe for that month and add 1/12 of 10% to it. they do that for every month that you pay on the car. so it is 10% a year on the balance of the loan. good luck.
2007-08-16 14:18:50 · answer #3 · answered by Fordman 7 · 0⤊ 0⤋