I owe $ 7,900 and my interest rate is 13%. I will be require paying $ 268.00 for 36 months. So is that 13% interest rate calculated by monthy or yearly? Am I suppose to calculate 13% of $ 268.00 and that is the total interest I am paying each month?

Answer by Judy
google
car loan interest calculator
or go to bankrate.com and click on calculators
/

Answer by Watch IT!
The 13% is an APR (annual percentage rate). You will pay a total of $ 1748 in interest over the life of the loan. You would of saved that amount if you had paid cash.

Looking into an auto loan for a certified used car.

The person applying has a credit score of 692 and is looking to get the best auto rate, any idea?

Presumably not the advertised 0.9%APR.

Realistically speaking any idea?

Answer by bdancer222
Depends on where that 692 score came from.

Lenders use FICO scores (scale 300 to 850). Consumers can only get FICO scores from MyFico.com. Even there, you can only get FICO scores for TransUnion and Equifax. Consumers cannot get FICO scores for Experian.

The TransUnion and Experian sites sell you Vantage scores (scale 500 to 990). The Equifax site now sells their own scoring system that starts at 200. Third party monitoring services use Fakko scores. There is no comparing these scores.

You might check with your bank, or better yet, credit union, and get pre-approved for a loan. That way you will know the interest rate and how much car you can afford. You can negotiate a better price at the dealer if you have your financing in hand.

Answer by Huntsman
If this is a real fico score.
Put a 20% down payment or greater.
They might overlook whatever negative items you have in your credit reports

What function in Excel do you use to get the total interest expense for a ten year loan? Interest rate: 8%, over 10 years, interest only occurs once a year. Payment amount: $ 14,903, and the principal: $ 100,000. (Only paid 10 periods.) This is so imperative…any help would be GREATLY appreciated.
I don’t need help with the formula itself as a mathematical problem, that part I could figure out on my own, but I’m taking an Accounting class in which we have to use Excel, and I need to know the function code in Excel to figure up the total interest of the loan. Have I misplaced my question in the wrong category? Any help, thanks.

Answer by hnkareliya
Just use Loan Amortization Template enter the details you have provided here and there you are……….. simlpe isn’t it?

Answer by PJSuds
Try Ipmt, ppmt, pmt under financial functions. The key here is when you type the Rate it assumes annual. If you want to break it into months or quarters you must input like 8%/12 and the term for 10 years you must use 120 months. Hope this is helpful