How do I calculate the interest that I would have to pay over the life of a loan if I take out a 5 year 20000 dollar car loan at 9% a year? I know that I pay monthly at the rate of $415.17.

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- Mar 11th 2013, 11:36 AMEraser147Loan Amoritization
How do I calculate the interest that I would have to pay over the life of a loan if I take out a 5 year 20000 dollar car loan at 9% a year? I know that I pay monthly at the rate of $415.17.

- Mar 11th 2013, 03:48 PMSorobanRe: Loan Amoritization
Hello, Eraser147!

No fancy formulas required . . .

Quote:

How do I calculate the interest that I would have to pay over the life of a loan

if I take out a 5-year $20,000 car loan at 9% a year? .I pay $415.17 monthly.

You borrowed

You pay back per month for months.

You pay back a total of:

Therefore, the interest is:

- Mar 11th 2013, 04:04 PMEraser147Re: Loan Amoritization
Thank you, I'm not too good with word problems.