If I purchase A used car for $9999?

Question

If I purchase a used Jetta Volkswagen for $9999 at a 18.9% interest rate, don't ask had a rough two years with the credit! So How much interest am i looking at paying on a 60 month lease????????? HELP!!!

Answer 1

take $9999 times .189 this will give you the interest for one year. now divide that number by 365 (days in a year) this will give you the interest for one day. take that number times how many days from the agreement date to the 1st payment date (usually one month) this will give you the interest for one month. subtract the interest from the full payment amount whats left is the principal. subtract the principal from the balance owed. whats left is the outstanding balance you owe the next month.you can do this by the month to get exactly what you will have to pay.

Answer 2

no

Answer 3

N.O.

Answer 4

Lease is somewhat similar to loan.  So from this calculator

http://www.efunda.com/formulae/finance/l...

You will pay about  $258.86 per month.  Multiply that by 60 months.  That comes to:

$15,531.6

===

The total interest paid will be $5,531.6

Good Luck...

P.S.  If they give you high residual  value (resale value at the time of return), then those numbers will go down.

Answer 5

Does it really matter?  If you've accepted having a rough two years with the credit you're going to pay an arm and a leg to get the car.  Without doing the math, it's probably like $5500 in interest.