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 $5914.18. 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 kev PS Oh yea the payments are $189.75 per month.

Kev, I found this site that will calculate the interest x the principal x the terms(60). Here is the sight: http://www.peoplefirst.com/pff/site_calc.cfm?CALC_DEFAULT=monthly&APP=PF#titlebar 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,

1)My "Annual Percentage Rate" is 33.734% ------------------------------------------------------ I THINK THE LOAN SHARKS UNION HAVE A 25% LOAN CAP...

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.

Re: no joke, please No jokes please, I really need to understand the math!!!!!!!!!! Thanks again, kev

Re: no joke, please Kev, i showed you the math. Take the principal (amount financed) 5470.82 x The terms or length (60 month) x 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!!!

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? kev

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.

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.