04-12-2012, 07:51 AM
|
#30 (permalink)
|
|
Base Member
Join Date: Jan 2012
Location: Charlotte
Posts: 63
Drives: '11 Nissan 370Z M6
Rep Power: 15
|
Quote:
Originally Posted by jofro6
your math is off up there man... 41k over 7 years (72 months) is $597 not $497... and no where in your equation are you adding in the 5% apr. its over 600 month to finance a car out right thats anywhere near 40k
|
7 yrs is 84 months, so I'm correct at $497.
And I'm only a little off on APR. I used 3% APR in the math even though I said 5% APR. I did the math at 3% cause that's APR for normal 36 mo loans, then realized that the longer term loans (7yrs) have higher 5% APR, but forgot to update the calcs. The difference is only $800, so my error doesn't affect the numbers appreciably.
|
|
|
Similar Threads
Threaded Mode
