How to Calculate Total Interest Paid on a Car Loan
There are several components that are used to compute interest on your car loan. You need to know the principal amount owed, the term of the loan, and the interest rate. Most car loans use an amortization schedule to calculate interest. The formula to compute amortization is complicated, even with a calculator. Car buyers can find amortization calculators on the web. If your car loan uses simple interest, you can use the calculator to determine your monthly payment amount.
Part One of Three:
Defining Car Loan Terms Edit
Part Two of Three:
Computing Your Total Interest Using an Online Calculator Edit
Part Three of Three:
Computing Total Interest Using The Simple Interest Formula Edit