How Can I Calculate De Amount Of Money Of Interest That I Am Going To Pay In A Five Years Loan?
I need to know the formula to calculate my car loan
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asked 2 years ago
2 Answers - Sort by: Date | Rating
You need to find the amount of your total loan, the number of years and the interest rate. The formula is very simple:
Principal amount x (1+interest) number of years.
Principal amount x (1+interest) number of years.
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You should ask the bank or financing institution how much is their current interest rate. Also, you must be aware that there is an add-on rate and an effective rate. There is also the factor rate. So, to be more accurate or at least informed of your monthly amortization, you must ask for the computation and you should bring up these rates with the financing or loan agency. There's the Truth In Lending Act to protect you so you have the right to know.
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