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# I need all you math geniuses help

Posted by Anonymous
• 8 Replies
I have a math problem for someone I feel like an idiot but I really need some help.

I want to buy a car. They want 4500 the bank only does 3 year loan max. What would be my payments on a three year loan?

With an interest rate of 5% which is on the high side
Posted by Anonymous on Feb. 7, 2013 at 6:31 AM
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Replies (1-8):
by Anonymous 2 on Feb. 7, 2013 at 6:32 AM
1 mom liked this

Depends on the interest rate. A \$4500 loan is never just a \$4500 loan.

by on Feb. 7, 2013 at 6:32 AM

What is the interest rate on the loan?

by Anonymous 3 on Feb. 7, 2013 at 6:33 AM

about 150\$/mo or higher depending on interest

by Anonymous 2 on Feb. 7, 2013 at 6:33 AM

Before interest, and car insurance (you will be required to get full coverage), it's \$125/month. But, more like \$200-250 with insurance and interest.

by on Feb. 7, 2013 at 7:00 AM

how is the interest compounding?

ask that is very important the interest will be very diff both ways!

by Anonymous 1 - Original Poster on Feb. 7, 2013 at 7:04 AM
Ok I have never taken out a loan so what questions do I need to ask to make sure I'm not being screwed so to speak

Quoting SadeAyosmom:

how is the interest compounding?

ask that is very important the interest will be very diff both ways!

by on Feb. 7, 2013 at 7:06 AM

principal 4500/3*12=125..

but how is the 5% compounding monthly? quarterly?

monthly 4500*5%=225*36=8100 + 4500=12600

quarterly 4500*5%=225*4*3=2700+4500=7200 total

by on Feb. 7, 2013 at 7:13 AM
I work in the loan department at my bank...

I come up with approximately \$135.00 before you tack on insurance.
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