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How do I calculate APR on a car loan?
I like to know where my money is going when I make a large purchase. How do I calculate APR on a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Calculating the APR on your
car loan
requires a bit of patience, but all you need to do is follow these steps:- Add up all the fees and interest you will pay (you can find this amount on the amortization schedule)
- Take the total and divide it by the balance of the loan
- Divide that number by the number of days in the loan
- Multiply this figure by 365
- Multiply by 100 to get number in percentage form
Of course, you can also find an APR calculator online and input your loan amount, term, and interest rate to learn your APR.
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- Gregory R.
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