help with interest rate question

[UncleWai]

Car cost $23,000
annual nomial rate 5.74% over 4 years
$1500 down payment

So to calculate payment
N= 12x4 = 48
i = 5.74
pv = 21500
p/yr = 12

Monthly payment is $502.37

Now how do I find how much interest will be paid over the 4 year loan?

Thanks~

 

[UncleWai]

hmm, may be I am a douchebag.
I guess I should find the FV which is 27034.28, subtract that with 21500 to find how much interest in FV I paid?
That will be how much the interest rate I will pay over the 4 years?

 

[morkinva]

According to this your total interest is $ 2,613.76

 

[UncleWai]

Sweet, you just saved my life.

 

[Hector13]

Well, you are paying $502.37 a month for 48 months. That is $24,114. The loan is for $21,500 (23k - 1.5k downpayment). So your interest is 24,114 - 21,500 = $2614.

 

[Ketteringo]

www.bankrate.com