So for the sake of ease, don’t do the math. Let someone or something else do it instead. The best way to figure out how much interest you’re paying is to go online and use an auto loan calculator. Simply input your interest rate, term, and principal, and voila. You’re done.
Alternatively, you could ask your lender for an amortization schedule. This gives you the dollar amount that goes toward interest and principal each month. If you want to calculate your interest the old-fashioned way,
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