Automobile Payment Plan

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Automobile Payment Plan Powered By Docstoc
					Based on a desired payment, approximately what dollar amount can I finance? Interest Rate (APR): Desired Payment: Down Payment: YEARS MONTHS SALES PRICE TOTAL COST INTEREST PAID 5.00% $250.00 $2,500.00 3 36 $10,841.43 $11,500.00 $658.57 0.42%

4 48 $13,355.74 $14,500.00 $1,144.26

5 60 $15,747.68 $17,500.00 $1,752.32

6 72 $18,023.19 $20,500.00 $2,476.81

7 84 $20,187.96 $23,500.00 $3,312.04

Based on a specific sales price, what will my approximate payment be? Interest Rate (APR): Sales Price: Down Payment: YEARS MONTHS MO. PAYMENT TOTAL COST INTEREST PAID 3.70% $20,575.00 $4,000.00 3 36 $487.15 $21,537.44 $962.44 0.31%

4 48 $372.03 $21,857.29 $1,282.29

5 60 $303.02 $22,180.90 $1,605.90

6 72 $257.06 $22,508.28 $1,933.28

7 84 $224.28 $22,839.41 $2,264.41

Side-by-side comparison of two loans: Loan #1 5.70% $17,000 $4,000 48 $303.52 $18,568.98 $1,568.98 Loan #2 5.70% $20,575 $4,000 48 $386.99 $22,575.46 $2,000.46 Difference $83.47 $4,006.47 $431.47

Interest Rate (APR): Sales Price: Down Payment: Term (Months): MO. PAYMENT TOTAL COST INTEREST PAID


				
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posted:1/9/2008
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