Do you take $11,000 / 60 ???
2007-12-23 15:34:55 · 10 answers · asked by caseelaine 2 in Business & Finance ➔ Credit
No honey - you have to figure in interest. Follow the link below to figure your note - I'm assuming you're talking about a car note???
2007-12-23 18:19:33 · answer #1 · answered by Dominicks Granny 4 · 0⤊ 0⤋
If you can get a loan, it'll probably be an expensive (high interest, high down payment) loan, because you're a credit risk (young, low income). In your situation, I would consider whether I needed a car at all - could you use public transportation maybe? And if you really need a car, maybe you could get one that costs less than $11K. You can get a decent used car for a few thousand - like a Toyota or a Honda. It may not be pretty or cool, but it will be affordable and that's what counts until you're making more money. Also remember that besides car payments, you will also be paying for insurance - that can vary a lot depending on where you live, but for sure it will cost more the more your car is worth, and the younger you are.
2016-05-26 02:17:20 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Yes, like the others said. You need to take into account interest though. The interest adds a lot to the calculation. With no interest the payment is $183.34, With 8% interest the payment is $223.04
With the interest you would be paying $13,382 for the loan.
2007-12-23 18:49:47 · answer #3 · answered by Bumblebee 4 · 0⤊ 0⤋
It depends on how much the interest is. Say that it is 8%. Your payment would be about $200.
2007-12-23 21:41:19 · answer #4 · answered by kim h 7 · 0⤊ 0⤋
the interest rate makes a difference.
see yahoo finance for a selection of financial calculators.
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and no, you have to pay more than that. interest is due on the entire amount for the first month, plus some principle reduction.
2007-12-23 15:39:02 · answer #5 · answered by Spock (rhp) 7 · 0⤊ 0⤋
You're forgetting about the interest rate.
2007-12-24 00:30:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
you need to calc in interest also; but w/o interest yeah you can do taht
2007-12-23 15:38:12 · answer #7 · answered by csd 3 · 0⤊ 0⤋
That would be correct if there was no interest
2007-12-23 15:37:56 · answer #8 · answered by beckoningsubstitutes 5 · 1⤊ 0⤋
don't forget the interest................about 8 percent.........per year on the unpaid balance.......
2007-12-23 16:12:21 · answer #9 · answered by richard t 7 · 0⤊ 0⤋
Pe^(r*t)
2007-12-23 16:25:13 · answer #10 · answered by northnode3g 3 · 0⤊ 1⤋