# Car Purchase/Loan Question

**URL:** <https://boards.straightdope.com/t/car-purchase-loan-question/493197>\
**Category:** Factual Questions\
**Created:** [April 15, 2009, 6:18pm UTC](https://boards.straightdope.com/t/car-purchase-loan-question/493197 "2009-04-15T18:18:01Z")\
**Posts on this page:** 2\
**Page:** 2

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**Author:** ![It\_s\_Not\_Rocket\_Surgery](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/it_s_not_rocket_surgery/32/312_2.png) [@It\_s\_Not\_Rocket\_Surgery](https://boards.straightdope.com/u/It_s_Not_Rocket_Surgery)\
**Post date:** [April 17, 2009, 2:23pm UTC](https://boards.straightdope.com/t/car-purchase-loan-question/493197/21 "2009-04-17T14:23:08Z")

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> [@TNWPsycho](#):
>
> I financed $22,000 at 7.45% for 72 months. My monthly payment is just about $450.
> 
> I double checked and there is no penalty for paying off the loan early.
> 
> Thank you for all of your insight!

Something doesn’t add up, literally.

Is there an insurance payment in here? According to my trusty HP-12C financial calculator, a 72 month loan at 7.45% for $22k should result in a monthly payment of $379.85.

I’d recommend you have your family CPA or banker look over your documents and figure out the source of the discrepancy.

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**Author:** ![Dag\_Otto](https://avatars.discourse-cdn.com/v4/letter/d/439d5e/32.png) [@Dag\_Otto](https://boards.straightdope.com/u/Dag_Otto)\
**Post date:** [April 17, 2009, 6:06pm UTC](https://boards.straightdope.com/t/car-purchase-loan-question/493197/22 "2009-04-17T18:06:33Z")

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A $450 payment is what you would pay if the interest was 13.7%!

Shall we expect a Pit thread on the Toyota dealer?

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