Help me add this Please!!!

Discussion in 'Credit Talk' started by kev, May 25, 2001.

  1. kev

    kev Active Member

    I HATE trying to take care of business on a friday..... people are so ready to go they act drunk....
    I am grossly behind on a loan and I'm trying to figure out how they got the figures they got.

    1)My "Annual Percentage Rate" is 33.734%

    2)"The Finance Charge"is

    3)"The Amount Financed" is $5470.82 .

    4)"Total of Payments" is $11385.00

    5)60 months

    Can someone please tell me how do you calculate the 33.734% into the amount financed to get the answer of 11385.00 over a 60 month period! I JUST WANT TO UNDERSTAND THE MATH OF IT ALL!!

    Thank you very very much;)
    PS Oh yea the payments are $189.75 per month.
  2. Reshod

    Reshod Well-Known Member


    I found this site that will calculate the interest x the principal x the terms(60).

    Here is the sight:

    if you input the information that you posted on the board, you will come out with the same total as stated.

    If these are the terms of the loan, I strongly suggest that you refinance with your local credit union or some other organization. An interest rate of 33.734% is outrageous.

    Please let me know, if i can be of further assistance.

    Good Luck,
  3. Saar

    Saar Banned

    Ask the mafia to buy the debt. They'd charge a lower APR.


    GEORGE Well-Known Member

    1)My "Annual Percentage Rate" is 33.734%

  5. bbauer

    bbauer Banned

    That interest rate sounds like you got the loan from a Mexican banker.

    Such rates and more are common down there. Many go into the 50% and higher range in Mexico.

    That almost smacks of usuary.
  6. marvin

    marvin Well-Known Member

    Mafia = lower interest rate, but higher penalty upon default!!!!!!!!!!!!!!!!!!!!!!
  7. bbauer

    bbauer Banned

    You pay up right now o' I breaka you leg??
  8. kev

    kev Active Member

    Re: no joke, please

    No jokes please, I really need to understand the math!!!!!!!!!!
    Thanks again, kev
  9. Reshod

    Reshod Well-Known Member

    Re: no joke, please

    Kev, i showed you the math.

    Take the principal (amount financed) 5470.82


    The terms or length (60 month)


    The APR, annual percentage rate (33.734%)

    = The amount of Repayment

    The site that I posted earlier, did the math and came out with the same exact figures as you did.

    So 5914.18 (X) 60 (X) 33.734% = the amount owed

    Dont do the math, just use the website, it doesnt know you, it will not lie!!!
  10. kev

    kev Active Member

    Re: no joke, please

    Thanks Reshod,
    I went to the loan site yesterday! I wanted to add it myself. I did what you said, there seems to be a little mistake!
    5470.82 x 60 x 33.734 =11073 not 11385.
    Can you still help?
  11. Reshod

    Reshod Well-Known Member

    Any Accountants???

    I added the numbers by hand and got the same figure you did. I apologize, but i am not an accountant, only a newly decided Political Science Major.

    Sorry, if i was not of to much help.
  12. the other

    the other Well-Known Member

    Re: Any Accountants???

    It's a time value money calculation. You need a calculator that does TVM calculations, or a spreadsheet. You also need to know how often the interest is compounded.

    It's not a simple straightforward calculation.

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