11-09-2011, 02:40 PM
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#21 (permalink)
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A True Z Fanatic
Join Date: Aug 2011
Location: Grapevine, TX
Posts: 1,767
Drives: 2013 GS350
Rep Power: 17
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Quote:
Originally Posted by GraphiteZ
It is actually 15%. I don't quite understand how the money factor work.
Here is how I got my number.
Total cost of the car: 31,151+1,967+699+298 = 34,115
Residual of the car after 39 months = 18,984
That means the total depreciation of the car is 15,131
The deal requires him to pay 496 x 39 = 19,344
That means total interest in this deal is 4,213
With an Excel spreadsheet, that is 15.46% APR
Did I do it correctly?
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youre not accounting for projected mileage
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