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You have the wrong total. You have to pay 14% per year the whole time (4 years), but each month you won't owe as much as you did the month before. Does that make sense?

So - what really happens is each month they'll charge you 14%/12 interest, and you'll make some payment (whatever it is). So the next month, you don't owe as much, and then you'll pay interest in what you owe.

So in this $340 case, your first month of interest is $146 just for that month ($12,500 * 14% / 12). If you pay $340, you'll pay the $146 plus $194 of the principle. So, the 2nd month, you'll owe $12,306. You'll pay interest on $12,306 the second month.

As a result, it is not possible to calculate what the payment should be easily, at least not this way. use a spreadsheet with a separate line for each of the 48 months, and adjust the payment until it comes out.

If the answers don't match, you may find that they are compounding interest differently than the way I did. It wouldn't be unusual. People who offered car loans used to have several "crooked" methods for calculating payments, but I'm not sure if those are legal any more.

You will have got to post a declare on your car coverage organization. If you had a mortgage at the auto I understand you must have collision protection. What will occur is the coverage pays you an quantity of what they believe the auto is valued at. Then if you happen to agree at the quantity they are going to ship you a few records, and a determine. You will must signal the records and ship the ones again. The determine will probably be to your identify and alos the financial institution's identify. What you're going to do from there may be take the determine to the financial institution, and if there may be an quantity left over then you're going to get the reminding quantity. See in case you have GAP coverage. If you've that, and the coverage organization simplest will pay you prefer a million,000, then GAP coverage pays for the leisure. Now do not believe that the inebriated driving force is getting away with homicide, for the reason that he ain't. Your coverage organization will pass after him for the quantity that they paid. Now you'll continuously pass after him in small claims court docket. If he does not have the cash, then his wages will probably be most likely be garnished. If I have been you I could touch your coverage organization or a attorney, and notice what they believe. I understand that with a few legal professionals the primary quarter-hour are unfastened. I desire that I used to be a few support to you, and I am sorry for what occurred to you. Some individuals simply do not believe earlier than they do.

There are several reasons are you a special finance deal? If so then the bank charges the dealership very large fees to finance you and then in turn you get charged also they may be adding in GAP or other add ons that I highly recommend you pass on they are a waste of money.

Loan amount :12 500.00$

Loan length : 3 years

Annual interest : 1.14%

Pay periodicity : Monthly

Monthly payment : 353.36$

Total paid : 12 720.90$

Total interest : 220.90$

Total periods : 36

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