From the course: Finance and Accounting Tips

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Calculate a car payment

Calculate a car payment

From the course: Finance and Accounting Tips

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Calculate a car payment

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- I've been looking at new cars and I think I'm ready to make the purchase, the new car smell, the new car drive, the new car look, Man, I'm ready. - Of course you are, now how much is this new car going to cost you? - [Jim] Well, the dealer told me that the car I'm looking at will cost me $580 a month. - That is the answer to a different question. My question was how much is the car going to cost? - I have no idea. I was just trying to fit the monthly payment into my budget and go from there. - So you have no idea how much the car would cost if you were able to pay cash. You have no idea how that $580 monthly payment was computed, that's great. It's always as I suspected, you have not a clue. - Yeah, I have no idea the voodoo they do to compute monthly payments. I just assume that I'll get the best deal possible, and that one dealer operates pretty much the same as another dealer when it comes to financing. - And that folks is how many cars are sold to boneheads like this. The…

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