How To Calculate Total Interest Paid On A Car Loan 15 Steps
The formula for the principal amount of your car loan is (Purchase price) – (rebates) – (cash down payment) – (trade in value). A car purchase will also include fees and sales tax. Those two amounts are typically included in the principal amount. A rebate is a fixed amount of money paid to the buyer for the purchase of a particular vehicle. Rebates serve as an incentive to make the purchase....