What is the formula used to figure automobile loans?

by admin on November 3, 2009 · 2 comments

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{ 2 comments… read them below or add one }

Phil November 3, 2009 at 2:47 pm

The answer just provided is only a simple interest formula. It is not the one used for car loans. The correct one used by banks for car loans is complicated. There are fomulas that will get you close to the right answer, but will never give the right answer.

jellis15 November 3, 2009 at 2:47 pm

intrest=prinspal*rate*time
or
i=prt

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