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re: help with math on interest
Posted on 5/10/17 at 2:17 pm to autodd03
Posted on 5/10/17 at 2:17 pm to autodd03
quote:
Origination fees rolled into the loan?
Forgive me, as I'm not sure what that means exactly.
But she would have me paying--I haven't agreed to this yet--$330/month for 30 months on an $8,800 loan. That is $1,100 in interest, which my math, as unsophisticated as it may be, suggests 12.5% interest, rather than the 3.5 I was told.
1
Posted on 5/10/17 at 2:36 pm to Hot Carl
quote:
Forgive me, as I'm not sure what that means exactly
There are fees associated with loans. The fees are probably rolled into the loan which makes the payments higher. You should have a Truth In Lending statement which details this. If you look at the statement you'll see that the amount financed is a higher figure than the loan amount.
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