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04-08-2011, 07:13 PM
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Drives: Sc'd Yaris Sedan. Join Date: May 2007
Location: civilwar town.
Posts: 660
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How much interest does one actually pay when financing?
That's my question.
If you buy a $20,000 car for five years of payments at say 7%. How much do you actually end up paying in interest? Is it 7% of 20,000? or 7% of your remaining balance? And is that calculated each month? I'm just trying to figure out what one pays for buying a car now rather than saving up for it. Thanks to all those who give me answers. 
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Tantum religio potuit suadere malorum. |
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