I was looking online for cars with APR rates just to see if I can find the monthly and yearly interest. Just to practice what I know, and I want to see if I did this correctly.
2023 Chevrolet Camaro price at 75,285
Down Payment is 20% so I divide it by 100 to get 0.2 I also divide 75,285 by 100 to get 752.85
I multiply 752.85 by 0.2 to get 150.57
Now, I multiply 150.57 by 100 to get the down payment = 15,057
So 75,285 - 15,057 = 60,228 left to pay off
Okay now, the estimated payments are 1,164/month. 5.99% APR for 60 months
My answers:
The interest per month is an average of $50
Annually you'll be paying $599
In the total of 60 months = 5 years. You would of paid $2,995 of interest.
Did I do this correctly? If not please explain, Thank you for your time.