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Saturday, February 18, 2012

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How Different Interest Rates & Amounts Work

You can input these numbers directly into the calculator.

To illustrate how the duration of your loan affects different aspects of how much you pay when:

  • We’ll Use the example of $10,000 financed at 20% interest over 48, 60, and 72 months
  • We will also show you the same loan financed at 12% to show you what you could be paying with a better credit score.
48 Months (4 Years) At 20% At 12%
Monthly Payment $304.30 $263.34
Total Amount Financed $14,606.57 $12,640.24
Total Interest Paid $4,606.57 $2,640.24
These figures primarily demonstrate the difference in payments do to lower payments after completing our program. The difference is very significant! At 12% you monthly payment would only be $41.30 less and you could pay $1,718.20 less in interest
60 Months (5 Years) At 20% At 12%
Monthly Payment $264.94 $244.13
Total Amount Financed $15,896.33 $13,346.67
Total Interest Paid $5,896.33 $3,346.67
By Adding another year (12 months) to the duration of your loan, your monthly payments will slightly lower but you pay an additional $1,262.76 in interest at 20%. At 12% you would pay an additional $704.43 in interest by adding 12 months.
72 Months (6 Years) At 20% At 12%
Monthly Payment $239.53 $195.50
Total Amount Financed $17,246.03 $14,076.14
Total Interest Paid $7,246.03 $4,076.14
By adding two years (24 months) on top of the original 48, your monthly payment will drop significantly, however you will end up paying an additional $2,639.46 in interest. At 12% you would pay an additional $1,435.90 in interest by adding 24 months.
Created by David Powell | February 18, 2012 | Last Updated June 28, 2013