This may seem like a very noob question.. But i just need to make sure
i understand this before i go to the dealership tomorrow..
Your payment is $328.71. So (15,000 * .025)/360 * 31 = 32.29. So of your first payment 295.71 goes to principal and 32.29 goest to interest leaving you a principal balance of $14,704.29. Next month the calculation is ($14,704.29 *.025)/360 *30 = 30.64. So 298.08 goes to principal and so on for a total of 48 payments. You can download from multiple sites an amortization schedule or use excel. By the way, the 360 is a holdover from an earlier era when these calcs were done by hand. Some banks are using a 365 day year, but many still use 360
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