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

[bender412]

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]

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

[bender412]

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@sccredit wrote:

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

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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]

EDIT: Mystery solved!