Math problem: Given the IR & APR how do I figure the total interest?

Question

I have a loan right now and I am looking to refinance. What I am trying to do is figure out how they came up with the "total interest" figure. If you could show me how I would appreciate it, because I have a couple of others I want to figure out.

The loan was for $2000, I have a $1806 balance. The interest rate is 7.75% and the APR is 9.81%. The total interest payment is $415.10 and the payments are $18.59 every 2 weeks. How do they get the $415.10?

Thanks.

Answer 1

you multiple the amount of monthly payments by the number of payments. since you did not give us that it is hard to figure. Now remember this in 12 monthson a bi weekly payment plan you will have 26 payments of 18.59 which equals 40.28 per month so if the payment # exceeds 26 that is how it is done then once that is figured then you subtract the 2000 principal

Answer 2

Go to http://www.bankrate.com/brm/popcalc2.asp and let them crunch the numbers for you. Or google loan calc.