What is the interest rate for a second-hand car loan of RMB 45,000 in three years?

更新：2024-09-23 18:01:09 发布：纳叔濯

Second-hand car loan of NT$45,000 for three years with monthly interest of NT$500

Total loan amount of NT$63,000, assuming annual interest rate of 4.75%, loan period of 3 years
:
Equal principal and interest method The monthly principal and interest repayment amount is:
1881.1 yuan, the total repayment amount is:
67719.6 yuan, and the total interest repayment is:
4719.6 yuan.
The first month’s interest payment is: 249.38
The first month’s principal payment is: 1631.72; the second month’s interest payment is: 242.92
The second month’s principal payment is: 1638.18< /div> How to calculate the 3-year interest for a used car worth RMB 50,000 in installments

1. First calculate the monthly interest rate, which is equal to the loan interest rate divided by 121.
2. Then calculate the number of repayment periods. The number of repayment periods is equal to the loan term multiplied by 121.
3. Next, calculate the monthly payment, which is equal to the loan principal multiplied by the monthly interest rate multiplied by (1 plus monthly interest rate) divided by ((1 plus monthly interest rate) times the number of repayment periods minus 1).
4. Finally calculate the total interest, which is equal to the number of repayment periods multiplied by the monthly payment minus the loan principal.

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