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

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bender412
New Visitor

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

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.

Message 1 of 4
3 REPLIES 3
sccredit
Valued Contributor

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

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

Message 2 of 4
bender412
New Visitor

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


@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.  

Message 3 of 4
Slabenstein
Valued Contributor

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

EDIT: Mystery solved!


Message 4 of 4
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