Personal Finance

is this correct amount of interest to pay on loan

  • Last Updated:
  • Jan 25th, 2020 7:04 am
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Deal Addict
Jun 17, 2009
1699 posts
153 upvotes
onatrio

is this correct amount of interest to pay on loan

looking to get a loan for $54405.31
rate is 3.87 percent
loan is for 96 months
with this montly would be 659.88 for 96 months
so that would be $8943.70 in interest
does this sound right
Thanks
6 replies
Penalty Box
Aug 17, 2013
683 posts
583 upvotes
Toronto
dcjcdc wrote: looking to get a loan for $54405.31
rate is 3.87 percent
loan is for 96 months
with this montly would be 659.88 for 96 months
so that would be $8943.70 in interest
does this sound right
Thanks
If you're doing this through a bank... chances are they're not screwing you over for an extra 50 bucks.
Deal Fanatic
Nov 24, 2013
6059 posts
2791 upvotes
Kingston, ON
dcjcdc wrote: looking to get a loan for $54405.31
rate is 3.87 percent
loan is for 96 months
with this montly would be 659.88 for 96 months
so that would be $8943.70 in interest
does this sound right
Thanks
Congrats on your new Tesla! Hope you enjoy it. ;)
Deal Addict
Jan 30, 2012
1520 posts
844 upvotes
TORONTO
orianna wrote: If you're doing this through a bank... chances are they're not screwing you over for an extra 50 bucks.
Lol. About 15 years ago I was buying a new car and the dealer strangely miscalculated so that the monthly payment was $40 higher than it should have been. Good thing that I always check the math.

TVM calculations aren't that hard.

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