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Presh Talwalkar

Your Car Loan Might Be More Expensive Than You Think

Question from a reader (slightly edited):

I have 60-month loan for an $18500 car with a 5.69 percent APR. When I do the calculation using simple interest it comes to $1052.65. On my contract from the dealer it says $2726.20.

Why is their number closer to 15 percent? Am I missing something?

My answer:

Posted On 10.16.08

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