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Thread: Monthly auto loan interest calculation

  1. #1
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    Monthly auto loan interest calculation

    I am trying to find a faster way of calculating my monthly interest on a auto loan that I have. The remaining balance of my loan is $8400 with an Apr of 4.94%. My monthly payment is $716.94. But I want to make 4 weekly additional payments of $500 to speed up process of paying off my loan. So I have been using I= prt to calculate daily interest and adding up the weeks to get my total for the month. But since my additional payments are weekly is there another way I could do this calculation faster?
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  2. #2
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    Re: Monthly auto loan interest calculation

    Quote Originally Posted by slapmaxwell1 View Post
    I am trying to find a faster way of calculating my monthly interest on a auto loan that I have. The remaining balance of my loan is \$8400 with an Apr of 4.94%. My monthly payment is \$716.94. But I want to make 4 weekly additional payments of \$500 to speed up process of paying off my loan. So I have been using I= prt to calculate daily interest and adding up the weeks to get my total for the month. But since my additional payments are weekly is there another way I could do this calculation faster?
    escaped dollar signs for readability
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  3. #3
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    Re: Monthly auto loan interest calculation

    Futility exercise!
    With no extra payments, total interest left on loan = ~227 dollars
    Extra 2000 dollars per month reduces above to ~72 dollars
    Useless to calculate "to the penny"!
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