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| *Ostroff, Fair and Company>>>Personal Finance |
Typical APR%? |
How do you work out how much something is going to cost on finance when it is offered at Typical APR% Variable? For example if I bought a car priced at 拢2,000 over 3 years at 20% APR how much would it cost at the end of the term? What you are looking for is the TOTAL cost of credit. The APR does not give this, just an indication. As stated above you need to ask the company to give you the infomation. They should then give the information. If they don't it is an idication of there being some hidden costs lumped on to costs that they don't want you to know about. If there is a fee are they going to charge interest on it. I would point out that they don't want you to know. Source(s): http://en.wikipedia.org/wiki/annual_perc... The company has to provide this info. If not, multiply monthly payment by 24 |
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