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Your math is correct.
Looks like you took a 5 year loan at 0.9%. I am coming up with $23.57 of interest the first month.
I would not worry about it and make the payment and see what the balance drops to, it should be $512.36 of principal paid the first month.
If any further questions give them a call and clarify/confirm interest rate etc.
@Anonymous wrote:
Hell,
I got my first statement from Honda,
Purchased a Honda April 8, 1st payment will be May 8
Amount finance 31,429.01 with a 0.90 APR, the statement states the payoff amount up to May 8 is 31,504.01, that 75.00 of interest!!!! It doesn't make sense. If I calculated my 31429.01x0.90/365=77.496x30 days,which is April 9-May8 it comes out to be 23.25 of interest. Hondas statement doesn't make sense, any suggesting ? Am I missing something here ?
Your math is correct, you should probably give them a call or wait till the second statement and see if they correct it themselves. Congrats on the .9 APR, nothing better than free money.