can someone please explain these figures ...
OK .. my friend bought this car ... he paid 6825.00 for the car . SALE PRICE
doc fee.51.44
7% Il Tax: 481.35
title lics. : 143.00
ok he told the dealer he would pay 7500.00 OUT THE DOOR . dealer said done.
here is the part that is getting me ...
APR 8.5 % @ 48 months ....iam figureing the interest to be 637.50 his paperwork reads $ 1373.45 for a total amount of $8874.24 after all payments made .
he put no money down and had no trade ...
what am i not figuring properly as far as the interest goes ? 7500.00 x % 8.5 = 637.50 correct ? in my world should make the total amount financed $ 8137.00
OK .. my friend bought this car ... he paid 6825.00 for the car . SALE PRICE
doc fee.51.44
7% Il Tax: 481.35
title lics. : 143.00
ok he told the dealer he would pay 7500.00 OUT THE DOOR . dealer said done.
here is the part that is getting me ...
APR 8.5 % @ 48 months ....iam figureing the interest to be 637.50 his paperwork reads $ 1373.45 for a total amount of $8874.24 after all payments made .
he put no money down and had no trade ...
what am i not figuring properly as far as the interest goes ? 7500.00 x % 8.5 = 637.50 correct ? in my world should make the total amount financed $ 8137.00