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The original amount was $16,745.00
My first payment was in January
If you took out the loan in January and the payoff is now $11,580, you have paid $5,165 toward the principle.
But you say you have made 4 payments of $650, correct? That's only $2600.
Was $16,745 the amount of the loan, or was that the agreed upon purchase price of the car before deducting a trade or a down payment? Because the numbers as you have presented them don't add up.
If you took out the loan in January and the payoff is now $11,580, you have paid $5,165 toward the principle.
But you say you have made 4 payments of $650, correct? That's only $2600.
Was $16,745 the amount of the loan, or was that the agreed upon purchase price of the car before deducting a trade or a down payment? Because the numbers as you have presented them don't add up.
The amounts that I've paid varies. I paid $627, $3012, $700, $600, $762 and $356. There is a $12 convenience fee for each payment. That adds up to $6081 but you're right. It doesn't add up with the payoff amount. $16754 was te amount financed
So I was pretty darn close in my calculations. Go algebra!
What I don't understand is how a 6-year, $16,745 loan in which you've already paid $6000 in interest can still have $11,580 left (and that's after $1200 of extra principal payments).
Did you miss any payments? Incur any penalties? If you made on-time payments w/ no extra ones, you would have a balance of $9,400 once you've paid $6,000 in interest. So for you it should be around $8,200 w/ your extra principal. Are you sure you've paid that much in interest to date?
The amounts that I've paid varies. I paid $627, $3012, $700, $600, $762 and $356. There is a $12 convenience fee for each payment. That adds up to $6081 but you're right. It doesn't add up with the payoff amount. $16754 was te amount financed
Knowing what you have actually paid, it does make sense. You've paid $6,081 toward the loan, with $5,165 going to the principle and $916 toward interest which is about right for a 13.99% loan taken out in January (I actually came up with a little less interest but I used a quick and dirty method to figure it).
The only thing odd is that the report says you've paid $6,081 in interest which is obviously false.
I'm guessing it actually means that because you've paid some in advance, the total interest that WILL be paid if you make your scheduled payment from now on is now $6081 instead of $8000.
OK, so that I understand correctly - you just started paying this loan in January? And you've made 6 payments so far, in 5 months? And this loan didn't accumulate interest for awhile before you started paying?
Using those 6 numbers you listed (627, 3012, 700, 600, 762, 356) add up to $6,057. That sounds suspciously like the $6,081 in total interest you claim it says you've paid. You sure it's not saying total amount (principal + interest) paid to date?
Because if you do a table of what your balances are after those payments of different amounts, it's pretty close $11,600.
I looked at it again and it says total interested paid is $5228 and the total amount if payments is $6081. Sorry I was looking at the wrong column.
That's still impossible unless somehow interest accrued for awhile on the loan before you first started paying. Your total interest paid to date should be 900 something, not over 5,000.
When did you actually buy the car? And what is "it" that you're looking at? Something actually from a statement, or some online tool you're using that you could be inputting into incorrectly?
That's still impossible unless somehow interest accrued for awhile on the loan before you first started paying. Your total interest paid to date should be 900 something, not over 5,000.
When did you actually buy the car? And what is "it" that you're looking at? Something actually from a statement, or some online tool you're using that you could be inputting
I'm looking at the loan amortization that my loan company emailed me once I made this months pmt. I bought the car december 2012
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