This finance math video tutorial explains how to calculate your monthly car loan payment using a simple formula and checking the work with an online loan calculator for accuracy.
This man has helped me through college so far and will continue to help me with Calculus and Physics. I would literally pay you if you can teach computer science
I’ve seen that you’ve been posting more often that makes me happy to see you come back because you helped me through a year of confusion and you are still helping me right now with my ap physics class
I have spent I don't even know how many days reading articles by my gov. and other magazine to only be quickly explained by you that it is no a compound interest and that it is a flat rate. And each payment gets divided to different categories. Thank you for making such a headache topic so easy to understand.
Thank you this helped me a lot, fast too I been trying to buy a car around 20k, the site wants 6.99%, 4 years. If my monthly payment is 478.83$ then my 20k car is $22,983.94 since I can't afford it up front. Gives me a start on what I should be paying
I didn't know you could reduce the interest payment by reducing the principal or by paying it off faster. They should teach this in school. You work doesn't go unappreciated!
What is the intuition behind the denominator? I would think that the numerator is the amount for simple monthly payments; do cars follow compound interest rates?
We knew there is 2 different type of interest rate calculation ways I forgot the name so the question is which method name is this ? Which American bank or finance company follow ? Thank you teacher
May I know how do you calcuate them adding the companies adding back in interest based on allowing your first payment to be 45 days after the signed contract date
Sir you lost me as an elderly person. You were doing very good until you got to this part [150 divide 1-(1.005)-120] How do it using a simple calculator? Thank you
Great Video for calculating a Loan payment with a Fixed Annual Interest Rate. T I only have two questions: 1) Is the Fixed Annual Interest Rate the same as what is referred to as APR (Annual Percentage Rate) ??? 2) I ask the above question because I have an auto loan where the only rate shown on the paperwork is the APR. I use that rate to plug into your formula and get $617.14 as the monthly payment. Yet the paperwork of the loan shows the amount as $619.18, which is $2.04 difference (greater). Do you or anyone seeing this comment-post, know why there is a difference? Thanks, John
Probably it has something to do with rounding. The formula use exact number before rounding the final payment. If you round the monthly interest too soon, it will affect the monthly amount. For example. 5% APR means (5/12)% monthly interest (using exact number). If you round it to 0.417, you'll certainly get a number that is slightly off. I suspect this what your lender do. They round the interest first
this is wrong math i think because im getting $400 as the monthly payment 30k divided by 120months is $250usd then 6percent of 30k =1800 a year then 1800 divided by 12 = $150.usd so therefore 250+150=400 and if you add insurance and property tax it will be more
Payment supplement? Get owner stim and Particular satisfact not Piqi ruin and numeric. I am needed into Aquntance being quarva zero zero five to be loan MP significant percent zero zero ten anumeric payment.
Jesus Christ died and if you believe in your heart that he died and God rose him from the dead and confess with your mouth that Jesus Christ is lord you will be saved and go to heaven
It's like a math formula 1 equals God 2 equals jesus and 3 equals the holy spirit so to get to heaven believe in jesus christ and his teachings and it's as easy as 123 equals salvation
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This man can teach anything...
LMAO so true, this dude the only reason i passed physics 2
True though, I've learned a lot from him, be it math, biology, chemistry. This man is truly a genius
Because math is everything
[Math is Money, Money is everything;
Everything needs Math]
This man has helped me through college so far and will continue to help me with Calculus and Physics. I would literally pay you if you can teach computer science
I just want to say thank you for everything. From math to chemistry, physics, and finance, you can teach anything. Mad respect and thanks a million o7
This man has literally guided me through college and is now guiding me through adulthood. True hero
I’ve seen that you’ve been posting more often that makes me happy to see you come back because you helped me through a year of confusion and you are still helping me right now with my ap physics class
About to be a freshman and I swear you’re gonna teach me more life skills than those next 4 years will
He is just non stop pumping out videos, and I love it.
Thank you. My actual teacher couldn't teach me in a semester and you just did it in one video.
I love you so much you've pulled me through highschool so far
I have spent I don't even know how many days reading articles by my gov. and other magazine to only be quickly explained by you that it is no a compound interest and that it is a flat rate. And each payment gets divided to different categories. Thank you for making such a headache topic so easy to understand.
Broooo this dude is teaching what needs to be taught!!!
This man really can do anything
Finally a person who show it how it is correctly done on paper than relying on a calculator
Great video ❤ was stress asf getting bank statements and paystub for my car loan until I ended up getting it from a vendor online
Thank you this helped me a lot, fast too
I been trying to buy a car around 20k, the site wants 6.99%, 4 years. If my monthly payment is 478.83$ then my 20k car is $22,983.94 since I can't afford it up front. Gives me a start on what I should be paying
Thank you so much bro!
I'm old school so I dont have the functions to plug in the rest on a calculator. Can you show the rest of the calculations? Pretty good video
Wow
Dzikomo (thank you )
Not only are you teaching us in school, but in adulthood as well??
Right!!!
show us how to do taxes next !
I already made a video on it:
th-cam.com/video/ieA-bmoFk3k/w-d-xo.html
I didn't know you could reduce the interest payment by reducing the principal or by paying it off faster. They should teach this in school. You work doesn't go unappreciated!
Gold...👍💫
Aren’t you supposed to do 0.06 divided by 12 first since it’s parentheses? I’m confused
Thank you sir
Will this video still be available 10 year from now
Informative.
What is the intuition behind the denominator? I would think that the numerator is the amount for simple monthly payments; do cars follow compound interest rates?
How would I put that in a LibreOffice calc document, and it work like the website (where I put the formula in and all I have to do is enter numbers)?
We knew there is 2 different type of interest rate calculation ways I forgot the name so the question is which method name is this ? Which American bank or finance company follow ? Thank you teacher
May I know how do you calcuate them adding the companies adding back in interest based on allowing your first payment to be 45 days after the signed contract date
this man knows victorias secret
Sally has great credit
❤️
Please how do you calculate the annual payments?
When did car loans go from five years to ten?
When everyone start buying $75K electric vehicles 😁
Sir you lost me as an elderly person. You were doing very good until you got to this part [150 divide 1-(1.005)-120]
How do it using a simple calculator? Thank you
what is the formula for the total interest paid?
Great Video for calculating a Loan payment with a Fixed Annual Interest Rate. T
I only have two questions:
1) Is the Fixed Annual Interest Rate the same as what is referred to as APR (Annual Percentage Rate) ???
2) I ask the above question because I have an auto loan where the only rate shown on the paperwork is the APR. I use that rate to plug into your formula and get $617.14 as the monthly payment. Yet the paperwork of the loan shows the amount as $619.18, which is $2.04 difference (greater). Do you or anyone seeing this comment-post, know why there is a difference?
Thanks,
John
Probably it has something to do with rounding. The formula use exact number before rounding the final payment. If you round the monthly interest too soon, it will affect the monthly amount. For example. 5% APR means (5/12)% monthly interest (using exact number). If you round it to 0.417, you'll certainly get a number that is slightly off. I suspect this what your lender do. They round the interest first
This dude is the modern day Albert Einstein
👸genius💎💎💎👏👏👏
How do I determine how much of a loan is left if it says PAID 13% balance 7,306
You mention 1 time 1 but I see a minus sign help me out
I don't live in america and I don't need a car still watched the whole vid
This guy's the avatar
thats a whole lot of interest😅
Equation doesn’t work for me using 72 months
it should.
thank you pleasee
I am getting a completely different answer ...
Can someone help?
probably because of how you use the calculator.
Idk if anyone will see this but im having a hard time with a math problem involving 0% interest, i am lost
💯
how do we get divide 150 say it
this is wrong math i think because im getting $400 as the monthly payment 30k divided by 120months is $250usd then 6percent of 30k =1800 a year then 1800 divided by 12 = $150.usd so therefore 250+150=400 and if you add insurance and property tax it will be more
now whats Sally’s credit score?🤣
I don’t understand your final calculations
I love you so fucking much God dam
how do u plug this into calculator lol but fr
Please explain n meaning
Don’t know how to type it in on a calculator like all your vids you neglect to show it
My answer was 250
i keep getting 183
Payment supplement? Get owner stim and Particular satisfact not Piqi ruin and numeric. I am needed into Aquntance being quarva zero zero five to be loan MP significant percent zero zero ten anumeric payment.
😵💫😵💫😵💫😵💫😵💫😵💫😂😂
Jesus Christ died and if you believe in your heart that he died and God rose him from the dead and confess with your mouth that Jesus Christ is lord you will be saved and go to heaven
I'm not sure that has to do with math formulas, but I don't disagree
It's like a math formula 1 equals God 2 equals jesus and 3 equals the holy spirit so to get to heaven believe in jesus christ and his teachings and it's as easy as 123 equals salvation
Is that part of accrued interest? I missed that part of the video
Irrelevant
Thanks mate ❤