Calculating Payout Figure For A Car Loan

[S15200sxbroda]

finally sold my s15 and just wanting to calculate the payout amount to the bank for my loan. i called them and they gave me a figure that does not match my calculations. maybe there is something iam missing.

I just want to know the formula or procedure on how its calculated.

anyways rough details:

loan amount : $20,000

interest : 9.84%

period : 48 months

total interest over 4 years is ~ $4200

total amount : $24,200

i've made 29 repayments of ~$500 = 29 X 500 = $14500

the amount left is $24200 - 14500 = $9700 (principal + interest)

now I presume i pay remaining principal left. How do I calculate that figure given that interest rate ? thanks

[chaos]

is there a penalty for early payout?

[S15200sxbroda]

yes i think so. about $290

iam have calculated my interest per month to be $90.

now my total interest left is 19 months X 90 = $1713

so iam guessing my principal left is $9700 - 1713 ~ $8000 is what I have to pay plus the penalty so all up about $8300.

they told me a payout figure of $9220. I do not know how they arrive at that figure.

[silver gts-t]

http://www.stgeorge.com.au/calculators/hom...anrepayjava.asp

some banks dont charge early payout fee, like westpac.

but sometimes its worth paying cause intrest is higher

[chaos]

have you actually gone in and asked them to show you how they came to that? or was it all over the phone?

[S15200sxbroda]

phone. banks not open weekends. but i want to know how they do it beforehand

[chaos]

ahh ok, probably best to go in mate and get them to show you, might figure it out then

[Tosh]

or ring them again and get them to give you a breakdown. They'll tell you what each fee is and you can add it up to make sure it's right

[dezz]

they include establishment fees etc in your loan too....

[Sumo]

Banks are rotten....

I hate dealing with them, but you have no choice this day and age.

Cheers

Sumo

[ECR033]

Don't know what you've calculated (haven't bothered to figure it out either), but the payout amount sounds about right to me...

Loan: $20,000

less: 29 Repayments (@ $500): -$14,500

plus: 29 Periods of Compound interest: $3,416

Loan Outstanding: ~ $8916 (plus any fees)

Go on any bank website and use one of their calculators if you want to work it out yourself, or better still, get the bank to explain it to you.

[blind_elk]

My calcs:

Monthly repayment = $505.72

Total over 48 months = $24272.38

Over 29 months, you have repaid $14665.80

Therefore, balance outstanding = $9608.61

They reckon $9200, I'd take $9200.