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How can you figure out if the quoted APR and payment are correct?


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Wiki User
2015-07-15 18:26:12
2015-07-15 18:26:12

The only way I know is to buy a calculator that can figure interest rates. If you have a friend who is an engineer he probably has one.

You can also keep the math simple. If you were to finance a vehicle for $12,000 @ 60mo with no interest or 0% your payments would be $200 a month. At $18,000 they would be $300, $24,000 = $400. Now depending on your current credit situation you will typically want to add anywhere between $45-$85 per month for interest. If you have really bad credit then good luck, you will be looking at substantial interest charges.


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Your monthly payment, assuming you have quoted the interest rate correctly, should be $165.83 if you pay this off in one year (12 monthly payments)

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<?php $month = 360; //How many month you have for payment $monthlyPayment = 671.96; //Your monthly payment $moneyBorrowed = 99000; //How much you borrowed $totalPaid = $month * $monthlyPayment; //Number of months * Monthly payment $APRequ = $moneyBorrowed / $totalPaid; //Money Borrowed * Total money paid back $APRMonthly = abs($APRequ-1); //Returns the absolute value of the monthly APR $APR = $APRMonthly * 12; // Monthly APR to get Yearly APR echo $APR; ?>

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how much of a down payment, length of loan, APR....

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