If i owe 9,500 on my car at 13% interest how much will i save if I pay it off in 31/2 years on a sev

if I owe 9,500 on a 13,000 car loan and i pay it off in 3 1/2 years instead of seven at a 13% interest rate, how much money will I save

If i owe 9,500 on my car at 13% interest how much will i save if I pay it off in 31/2 years on a seven yr loan

$9500 @ 13% for 84 months is $173/mo with $5032 interest

$9500 @ 13% for 42 months is $283/mo with $2386 interest

Therefore, you save $2646 in interest. However, this doesn't take into account what you may be earning on the money if you invest it or if you use a HELOC to buy the car and deduct the interest from your taxes.

If i owe 9,500 on my car at 13% interest how much will i save if I pay it off in 31/2 years on a seven yr loan

If ths is homework, do it yourself.

sorry if it isn't

If it isn't, then I don't feel like working it out..

If i owe 9,500 on my car at 13% interest how much will i save if I pay it off in 31/2 years on a seven yr loan

You will pay about $8645 in interest if you run the full term. If you pay it off in half that time, half that amount (about) unless they hit you with a penalty for pre-paying it.

If i owe 9,500 on my car at 13% interest how much will i save if I pay it off in 31/2 years on a seven yr loan

Interest paid on 7yr.loan=$5017.00

Interest on 3 1/5 yr.loan=$3565.00

Net savings=$1452.00