Unformatted text preview: When calculating your interest remember to deduct the principal as this will give you a figure for how much you paid just to borrow money. When borrowing $25,000 with an interest rate of 7%, and making 60 payments over a span of 5 years you will pay a total of $4701.80 in interest. It is important to consider if with the current interest rate your getting if it is worth your purchase....
View Full Document
This note was uploaded on 05/27/2011 for the course COM/155 COM/155 taught by Professor Michellehoneycutt during the Fall '10 term at University of Phoenix.
- Fall '10