how to calculate the total cost of a car loan?
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To determine how much you can expect to pay in finance charges over the life of the loan, multiply the Monthly Payment Amount by the Number of Payments, minus the Amount Borrowed. This should give you the Total Amount of Finance Charges that you can expect to pay.
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['A car travels 500 m in 50 s, then 1500 m in 75 s. Calculate its average speed for the whole journey. First calculate total distance travelled:', '500 + 1500 = 2000 m. Then calculate total time taken:', '50 + 75 = 125 s. Then use the formula to calculate average speed:']
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['E is the EMI.', 'P is the principal or loan amount.', 'r is the rate of interest (calculated monthly.', 'n is the tenor (calculated monthly).']
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To work out the luxury car tax (LCT) amount you must pay if you sell a car, use the following formula: (LCT value − LCT threshold) × 10 ÷ 11 × 33%.
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Calculate total variable cost by multiplying the cost to make one unit of your product by the number of products you've developed. For example, if it costs $60 to make one unit of your product, and you've made 20 units, your total variable cost is $60 x 20, or $1,200.
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Subtract the amount borrowed from the total payment amount to find the loan's total interest payments. Divide the total interest charges by the number of years on the loan to find the yearly interest amount. Divide the yearly interest amount by the total payments to calculate APR.
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Set a Goal You'll need to save a whole lot. Most financing requires at least 20% down. So if you are buying an average car at around $30,000, you'll need to come up with at least $6,000. That's also just based on sticker price.
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Multiply the length of the loan in years by 12. You want to calculate monthly payments, not annual payments, so you'll need the total number of months throughout the life of the loan. For example, if the loan is for four years, then the number of months is 4 * 12, or 48.
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To calculate the “cost per mile,” divide the cost by the number of miles you drove that month. For example, “fixed costs per mile” is calculated by dividing $2515 (fixed costs) by 8,400 (miles), which gives us $0.30 per mile.
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['Annual Depreciation = (Total Cost of Vehicle – Sale Value of Vehicle) / Number of Years in Service.', '(S$ 10,000 – S$ 2,000) / 10 years = $800 annual depreciation.', 'Annual Depreciation = (Total Cost of Vehicle – Sale Value of Vehicle) / Number of Years in Service.']
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['Simple interest is calculated only on the principal amount of the loan.', 'Compound interest is calculated on the principal and on interest earned.']
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Multiply each loan amount by its interest rate to obtain the "per loan weight factor." Add the per loan weight factors together. Add the loan amounts together. Divide the "total per loan weight factor" by the "total loan amount," and then multiply by 100 to calculate the weighted average.
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['rate - The interest rate per period. We divide the value in C5 by 12 since 4.5% represents annual interest:', 'nper - the number of periods comes from cell C7, 60 monthly periods in a 5 year loan.', 'pmt - The payment made each period. This is the known amount $93.22, which comes from cell C6.']
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['Put at least 20 percent down. According to Edmunds, a new car loses 9 percent of its value the second you drive it off the lot. ... ', 'The term of your car loan should be no more than four years. ... ', 'Your total car payment (interest, principal, and insurance) should not exceed 10 percent of your gross income.']
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Multiply the interest rate by the amount of the loan to see how much interest you're paying and add this to the balance to understand the total sum of the loan. If you take out a $1,000 loan with 10% interest, you're paying $100 in interest, making the total loan $1,1000.
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To compute daily interest for a loan payoff, take the principal balance times the interest rate and divide by 12 months, which will give you the monthly interest. Then divide the monthly interest by 30 days, which will equal the daily interest.
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The total cost of opening a car dealership is generally considered to be upward of $100,000 to as much as $200,000. The reason for the range in the cost is due to the difference in expenses depending on the state you are opening your dealership in, and the type of dealership you will be opening.