Mastering Car Loan Math: Calculating Interest and Principal Like a Pro!

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Information Mastering Car Loan Math: Calculating Interest and Principal Like a Pro!

Title	:	Mastering Car Loan Math: Calculating Interest and Principal Like a Pro!
Lasting	:	9.49
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Views	:	32 rb

Can you please advise how 3 interest on 20k equals a total loan value of 21,5622 and not 20600? brbrThe monthly payment breakdown feels misleading Yes, technically more money goes toward principle each month as the loan is being paid off And in reality the total interest paid on the 20k loan is 781 ($15622 ) instead of 600 Which is 3 of 20kbrbrI won’t pretend to know how car loan interest is calculated - hence why I’m here looking for answers…
Comment from : @NOuseforaname-FX

Dude how did you get 35937
Comment from : @pritisharma469

Great vid Travis! I'm hoping you can help I have loan on my truck - $45,24120, 7 yrs, 624 interest rate I'm trying to build a payoff schedule to see when it might make sense to pay off earlier I would want to be able to see P&I each month (kind of like a mortgage amortization schedule) The loan accrues interest daily, paid monthly The loan docs show a monthly payment of $66774 I tried the PMT function in Excel, but it returns $66612 I think it has to do with accruing interest daily, but not sure I'm a finance guy and very good with Excel, but I can't figure out how to do this! Can you help me with this? Thanks in advance!
Comment from : @joelmasterman5662

Pay extra towards the principal only In the end, you'll pay less on interest
Comment from : @earleecoreas1331

I signed the worst deal in my life a 2024 Honda CR-V Hybrid if I just pay the min I'll be paying over 90k 💩 payment is 6 years over 1100 💯
Comment from : @tavaresmorales9008

Thank you! Very simple!
Comment from : @heartstringsspeak7341

This helps a lot thank you
Comment from : @andyc7437

Im paying $145 plus the fee so $14720 for a 22k Chevy impala 2015 and my est APR is 1875 Could you help me out with figuring out my interest and how much to pay in Principle or any tips really
Comment from : @EricDeleon-cp8tz

Awesome! The exact video I was looking for
Comment from : @kurtisbillerman1459

My interest fluctuates it could be less one payment and more the next why is that ?
Comment from : @Nicktexas_

How come this can’t be done with out a calculator
Comment from : @trxdude8171

I need to know how to calculate interest with weekly and bi-weekly payments to auto loans Rule 72 if possible Can you help?
Comment from : @AllisonF-s3g

But how about the per diem? On the financial bank contract for the vehicle loan?
Comment from : @mannyboyaztlan5127

Just purchased a 24 bronco due in part to desperation and the dealership financing me My cs was 570 in December of last year and is now 614 due to some previous acct pay offsbr My rate is 14 for 70 months??? What was i thinking!!! Any suggestions out there ?
Comment from : @rickjames1834

Yeahhavent bought a new vehicle in many years and just got a 2023 Frontier a week ago Interest rates are pretty crazy right now I got 623 which I don't like but ive been hearing about a lot higher right now I have a 5 year loan for the truck Would love to pay it off at least a year faster There seems to be a dance between trying to shave time off the loan and also saving money on interest I was wanting to throw a extra 200 bucks a month on top of my payment and pay it off early and maybe save on paying so much interest as well
Comment from : @jessiesineath7702

Luv ❤
Comment from : @kierragaines

If I have a load on 26k with an interest of 1485 what would be the monthly payment ? I’ve done the math and it doesn’t add to my payment
Comment from : @darlyndevyl

Great video!!!
Comment from : @rm20235

Really good video to understand the math
Comment from : @pavankumard5276

thank you for the video I operate a small business and have a few equipment loans (with different $ and ) I wanted to see which of the loans I should contribute more to so I can pay less interest in the long run Any calculators out there that could help? Thanks!
Comment from : @gerssonmartell