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I am trying to determine how an extra car payment applied to principle only with decrease the time of my car loan and the interest of the loan. Really need to find a site online where I can plug the numbers.
Thanks
http://www.amortization-calc.com/
On most car loans, interest is adding up on a daily basis, based on whatever your principle balance is. Your payment first goes towards whatever interest has added up since the last payment, then the rest goes to decrease the principle balance. If you pay extra that goes towards principle, then your principle balance goes down ahead of schedule, so your daily interest amount goes down. That, in turn, means less of your regular payment goes towards interest, so more of it goes towards principle.
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if I get a car loan for 11,000 with an interest rate of 7.9%, what would my average monthly payment be? I can't remember the equation for this
i'm guessing it's going to be 60 months, but i'm not sure, thanks for the help
How many months do you need to pay this? Is this for 12, 18, or 24 months? You also need to clarify if the interest is per month or the total loan...
pls provide all info!
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