Car Loans; excel calculator

[TiziteLayinLow]

well im trading in my car - which btw - i love car depreciation but thats another topic.

im making an excel spreadsheet so i can mess with numbers and get payments and what not.. i have it made up but my numbers dont match their numbers.

i got approved for 5.74% on a used car.

the car is $13,995.. they are giving me $3000 for my car and pay off is $4905 on it.

nothing down.. ya ya i know

dont i simply take 13995 * [tax rate] = get total tax --- [tot. tax]+13995 = financed amount

financed amount * 5.74% = year interest * years of loan = total interest

financed amount + total interest = x

x / months of loan = monthly payments?


if not does any one have an excel doc. to do this for me, with neg. equity figured in there??


thanks guys
matt enderle

 

[ArmenK]

That is not how you calculate interest. There is something called compounding which comes into effect.

 

[radioouman]

Originally posted by: ArmenK
That is not how you calculate interest. There is something called compounding which comes into effect.

Surprize!


lol

 

[CrackRabbit]

 

[sygyzy]

Where is the surprise here? Looks like the dealership was right.

And listen to ArmenK.

 

[mwtgg]

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[beer]

Originally posted by: TiziteLayinLow
well im trading in my car - which btw - i love car depreciation but thats another topic.

im making an excel spreadsheet so i can mess with numbers and get payments and what not.. i have it made up but my numbers dont match their numbers.

i got approved for 5.74% on a used car.

the car is $13,995.. they are giving me $3000 for my car and pay off is $4905 on it.

nothing down.. ya ya i know

dont i simply take 13995 * [tax rate] = get total tax --- [tot. tax]+13995 = financed amount

financed amount * 5.74% = year interest * years of loan = total interest

financed amount + total interest = x

x / months of loan = monthly payments?


if not does any one have an excel doc. to do this for me, with neg. equity figured in there??


thanks guys
matt enderle

First result in Google
And gentlemen...we have a fine example of critical knowledge that seemingly was just left out of the basic high school cirriculum.

 

[sniperruff]

SUPPLIES!

 

[mwtgg]

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