What is the total amount of interest I will pay on this loan??
2007-10-08 03:49:24 · 4 answers · asked by toscina02 1 in Business & Finance ➔ Personal Finance
Dude, time to do your own homework.
2007-10-08 04:05:45 · answer #1 · answered by Jay P 7 · 0⤊ 2⤋
some thing sounds fishy right here. The credit union shouldn't cost you sales tax for a loan. you at the instant are not paying for something from them. i don't comprehend what state you reside in, yet in my state, if the automobile has been already offered and registered interior the state, then once you purchase it, you at the instant are not required to pay the tax lower back. i comprehend all states are diverse, and you'd be able to could pay the tax once you check in it on the DMV and the credit union would have a lien on the call, yet that have not got something to do with the tax. verify you comprehend each and every thing, previously you sign the papers. examine the superb print and don't feel embarrassment approximately taking the time to examine the stuff. you're signing the contract, so comprehend what you're signing.
2016-10-06 07:38:04 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Here is you answer.
Here is the formula:
Principal x Rate x Time = Interest
18,931 x .059 x 5 yrs = $5,584.65 (interest)
18,931.02 + 5,584. 65 = $24,515.67 (maturity value) you would end up paying this amount after 5 years
2007-10-08 05:41:25 · answer #3 · answered by Gary 5 · 0⤊ 1⤋
You'd pay $2975.98 in interest over 60 months.
2007-10-08 03:58:49 · answer #4 · answered by arsta1978 3 · 0⤊ 2⤋