Amount Financed: $10,036.55
Regular Payment: $324.65
Term: 60 months
APR: 29.99%
April 30th Amount paid $324.65
Applied to interest $207.77
Applied to balance $116.88
April 2nd Amount paid $324.65
Applied to interest $254.26
Applied to balance $70.39
MY QUESTION IS: If my loan rate is 29.9% why is so much of my monthly payment going to interest? And why would it be different every time I make a payment?
I would just call my branch by its closed until Monday.
29.9% of $10,036.55 is approximately $3,000, so approximately $3,000 per year (approximately $250 per month) should be applied to interest, at least at first. The reason that it is different each time are (1) there was a different amount of time, for example, April 2-30 is only 28 days, not a month, so the interest is less than it would be for a full month, (2) because some of the money went to the balance, the amount of unpaid balance became less, so the interest is went down. The interest each time is 29.9% of the amount of balance that has not yet been paid, times the fraction of the year (for example, 28 days is 28/365 of a year) for which you are paying.
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References :
29.9% of $10,036.55 is approximately $3,000, so approximately $3,000 per year (approximately $250 per month) should be applied to interest, at least at first. The reason that it is different each time are (1) there was a different amount of time, for example, April 2-30 is only 28 days, not a month, so the interest is less than it would be for a full month, (2) because some of the money went to the balance, the amount of unpaid balance became less, so the interest is went down. The interest each time is 29.9% of the amount of balance that has not yet been paid, times the fraction of the year (for example, 28 days is 28/365 of a year) for which you are paying.
References :