(US) My car loan interest rate is 5.5%, but 15% of my monthly payments go towards interest. Why? Submitted by SupplyChainOne t3_10pdf62 on January 30, 2023 at 8:42 PM in personalfinance 11 comments 1
lost_in_life_34 t1_j6jrgv6 wrote on January 30, 2023 at 8:47 PM the interest rate is per year and there is a simple interest formula everyone uses to calculate it based on the rate, time and accrual Permalink 1
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