Your payment, assuming a 60 month loan:
0.08 / 12 = 0.00667
15,000 = PMT[(( 1- (1 / 1.00667^60)) / 0.00667]
15,000 = PMT[(1 - 0.67121) / 0.00667]
15,000 = PMT[49.31844]
15,000/49.31844 = PMT
PMT = $304.15
The first interest portion is: $15,000 * 0.00667 = $100, principal pmt = 204.15
remaining principal: 15,000 - 204.15 = 14,795.84
second interest payment: 14,795.84 * 0.00667 = 98.64, prin. pmt: 304.15 - 98.64 = 205.51
remaining principal: 14,795.84 - 205.51 = 14,590.34
and so on.
At the end of the 60 pmts, your principal will be paid off.
After one year, the principal will be: $12,458.62
and the interest you've paid is...
total payments (12 * 304.51) = 3,654.12
Principal paid: 15,000 - 12,458.62 = 2,541.38
interest paid: 3,654.12 - 2,541.38 = $1,112.74
Each year you pay progressively less interest as the principal is paid down.
The total interest paid after 60 months:
Total pmts: 304.51 * 60 = $18,270.60
subtract principal of $15k = $3,270.60 in total interest over 60 months.
Hope that helps.
an amount i will not tell you ;)
i will not tell you
I have a question about interest rate on my vehicle.
I recently purchased a vehicle that was $23,000. I placed down $8000 cash so I have $15,000 remaining to pay off. However, my interest rate is quite high at 8%. Based on 60-66month term how much will I be paying in interest yearly. What would be my total just in interest after 60months?
