topic Re: New auto loan ... numbers not matching loan calculator or amortization spreadsheet. in Auto Loans

New auto loan ... numbers not matching loan calculator or amortization spreadsheet.

bender412 — Thu, 08 Jun 2023 19:28:34 GMT

Can't figure out what I'm missing here.

Amount Borrowed: 24,444.57

Annual Percentage Rate: 7.44

72 Month Term

The loan agreement says:

Monthly payment: 423.19

Total finance charge: 6025.11

But the spreadsheet and most online calculators say:

Monthly payment: 421.94

Total finance charge: 5935.03

Obviously a small difference, but I can't figure out why.

sccredit — Thu, 08 Jun 2023 19:40:13 GMT

Could be the delay in first months payment. If it is 45 days out there is interim interest built in.

bender412 — Thu, 08 Jun 2023 19:52:45 GMT

@sccredit wrote:
Could be the delay in first months payment. If it is 45 days out there is interim interest built in.

Yeah, it is 45 days so I guess that's it. Thanks! I wonder how I can factor that in to the amortization spreadsheet to make it accurate and exact.

Slabenstein — Thu, 08 Jun 2023 19:56:53 GMT

EDIT: Mystery solved!