How To Calculate Intrest?

[bored7one4]

can you show me how to calculate my intrest at 5.74% of $26000 with 60 mo.

thanks

[Agnt Tinkles]

your interest would be what you stated at 5.74%

but if you were wondering your monthly payments, it would be $499.52 unless i punched in something wrong, lol

[bored7one4]

your interest would be what you stated at 5.74%

but if you were wondering your monthly payments, it would be $499.52 unless i punched in something wrong, lol

←

how did you get that number, what formula did you use.

i know there are calculator on those auto site but i want to be able to do it with my regular calculator.

thanks

[bronzemaxell]

can you show me how to calculate my intrest at 5.74% of $26000 with 60 mo.

thanks

←

assume $26000 is the amount you financed.

using amortization formula

PMT# PMT AMT. INT. PRINC. BAL.

0 $- $- $- $26,000.00

1 $499.52 $124.37 $375.15 $25,624.85

2 $499.52 $122.57 $376.94 $25,247.91

3 $499.52 $120.77 $378.75 $24,869.16

4 $499.52 $118.96 $380.56 $24,488.60

5 $499.52 $117.14 $382.38 $24,106.23

6 $499.52 $115.31 $384.21 $23,722.02

7 $499.52 $113.47 $386.05 $23,335.97

8 $499.52 $111.62 $387.89 $22,948.08

9 $499.52 $109.77 $389.75 $22,558.33

10 $499.52 $107.90 $391.61 $22,166.72

11 $499.52 $106.03 $393.48 $21,773.24

12 $499.52 $104.15 $395.37 $21,377.87

13 $499.52 $102.26 $397.26 $20,980.61

14 $499.52 $100.36 $399.16 $20,581.45

15 $499.52 $98.45 $401.07 $20,180.39

16 $499.52 $96.53 $402.99 $19,777.40

17 $499.52 $94.60 $404.91 $19,372.49

18 $499.52 $92.67 $406.85 $18,965.64

19 $499.52 $90.72 $408.80 $18,556.84

20 $499.52 $88.76 $410.75 $18,146.09

21 $499.52 $86.80 $412.72 $17,733.37

22 $499.52 $84.82 $414.69 $17,318.68

23 $499.52 $82.84 $416.67 $16,902.01

24 $499.52 $80.85 $418.67 $16,483.34

25 $499.52 $78.85 $420.67 $16,062.67

26 $499.52 $76.83 $422.68 $15,639.99

27 $499.52 $74.81 $424.70 $15,215.28

28 $499.52 $72.78 $426.74 $14,788.55

29 $499.52 $70.74 $428.78 $14,359.77

30 $499.52 $68.69 $430.83 $13,928.94

31 $499.52 $66.63 $432.89 $13,496.05

32 $499.52 $64.56 $434.96 $13,061.09

33 $499.52 $62.48 $437.04 $12,624.05

34 $499.52 $60.39 $439.13 $12,184.92

35 $499.52 $58.28 $441.23 $11,743.69

36 $499.52 $56.17 $443.34 $11,300.35

37 $499.52 $54.05 $445.46 $10,854.89

38 $499.52 $51.92 $447.59 $10,407.29

39 $499.52 $49.78 $449.73 $9,957.56

40 $499.52 $47.63 $451.89 $9,505.67

41 $499.52 $45.47 $454.05 $9,051.63

42 $499.52 $43.30 $456.22 $8,595.41

43 $499.52 $41.11 $458.40 $8,137.01

44 $499.52 $38.92 $460.59 $7,676.42

45 $499.52 $36.72 $462.80 $7,213.62

46 $499.52 $34.51 $465.01 $6,748.61

47 $499.52 $32.28 $467.23 $6,281.37

48 $499.52 $30.05 $469.47 $5,811.90

49 $499.52 $27.80 $471.72 $5,340.19

50 $499.52 $25.54 $473.97 $4,866.22

51 $499.52 $23.28 $476.24 $4,389.98

52 $499.52 $21.00 $478.52 $3,911.46

53 $499.52 $18.71 $480.81 $3,430.66

54 $499.52 $16.41 $483.11 $2,947.55

55 $499.52 $14.10 $485.42 $2,462.13

56 $499.52 $11.78 $487.74 $1,974.40

57 $499.52 $9.44 $490.07 $1,484.32

58 $499.52 $7.10 $492.42 $991.91

59 $499.52 $4.74 $494.77 $497.14

60 $499.52 $2.38 $497.14 $0.00

[riwyle]

You probably are best off using the tables because the formula, I believe is:

P/A=((1+i)n*-1)/(i(1+i)n*

I used n* to designate to the nth power, since I do not know how to superscript here.

i is interest rate

P is loan principal

A is uniform series payment

n=number of payments.

If I used the wrong formula, maybe someone else can correct me. I am 40 plus years past studying this. I took engineering economics before calculators.

Good luck