*Total
interest paid as a percentage of Principal:
15
.740%
8%:
Principal
borrowed:
$21,530.00
Regular
Payment amount:
$436.55
Final
Balloon Payment:
$0.00
Interest-only
payment:
$143.53
*Total
Repaid:
$26,193.00
*Total
Interest Paid:
$4,663.00
Annual
Payments:
12
Total
Payments:
60
(5.00
years)
Annual
interest rate:
8
.00%
Periodic
interest rate:
0
.6667%
Debt
Service Constant:
24
.3316%
*Total
interest paid as a percentage of Principal:
21
.658%
10.25%:
Principal borrowed:
$21,530.00
Regular Payment amount:
$499.37
Final Balloon Payment:
$0.00
Interest-only payment:
$183.90
*Total Repaid:
$26,965.98
*Total Interest Paid:
$5,435.98
Annual Payments:
12
Total Payments:
54
(4.50 years)
Annual interest rate:
10
.25%
Periodic interest rate:
0
.8542%
Debt Service Constant:
27
.8330%
*Total interest paid as a
percentage of Principal:
25
.248%
18%:
Principal borrowed:
$21,530.00
Regular Payment amount:
$896.49
Final Balloon Payment:
$0.00
Interest-only payment:
$322.95
*Total Repaid:
$26,894.70
*Total Interest Paid:
$5,364.70
Annual Payments:
12
Total Payments:
30
(2.50 years)
Annual interest rate:
18
.00%
Periodic interest rate:
1
.5000%
Debt Service Constant:
49
.9669%
*Total interest paid as a
percentage of Principal:
24
.917%
22.25%:
Principal borrowed:
$21,530.00
Regular Payment amount:
$681.25
Final Balloon Payment:
$0.00
Interest-only payment:
$399.20
*Total Repaid:
$32,700.00
*Total Interest Paid:
$11,170.00
Annual Payments:
12
Total Payments:
48
(4.00 years)
Annual interest rate:
22
.25%
Periodic interest rate:
1
.8542%
Debt Service Constant:
37
.9703%
*Total interest paid as percentage of Principal:
51
.881%
Rational:
I chose the option to pay 8% interest and over 60 months for many reasons. One reason I chose this option is because it has the lowest amount of overall interest and interest rate. All of the other options would cost too much even though they can be paid off much faster. It also had the lowest monthly payment with the lowest amount of interest paid each month. Another reason I chose this option is that by trading in a 1999 Chevrolet Suburban the price can be reduced from $21,530 to $17530 saving me $4000. I believe that this option is the best one for me in the long run of paying it off and saving money.
Mr. Foster
Current Issues
Ford Focus Trade-In
9.75%:
borrowed:
Payment amount:
Balloon Payment:
payment:
Repaid:
Interest Paid:
Payments:
Payments:
years)
interest rate:
interest rate:
Service Constant:
interest paid as a percentage of Principal:
borrowed:
Payment amount:
Balloon Payment:
payment:
Repaid:
Interest Paid:
Payments:
Payments:
years)
interest rate:
interest rate:
Service Constant:
interest paid as a percentage of Principal:
percentage of Principal:
percentage of Principal:
Rational:
I chose the option to pay 8% interest and over 60 months for many reasons. One reason I chose this option is because it has the lowest amount of overall interest and interest rate. All of the other options would cost too much even though they can be paid off much faster. It also had the lowest monthly payment with the lowest amount of interest paid each month. Another reason I chose this option is that by trading in a 1999 Chevrolet Suburban the price can be reduced from $21,530 to $17530 saving me $4000. I believe that this option is the best one for me in the long run of paying it off and saving money.