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Auto Center > The 7-Step Formula > Long-Term Cost | |||||||||||||||
Long-Term CostDon’t go by the monthly payment alone: also consider the price, the annual percentage rate (APR) and the term of the loan. Try to keep the term as short as possible. A longer term will lower monthly payments, but increase the total interest paid over the life of the loan. Calculate that total cost or consider the example below. Approximate monthly payments with 100% financing at 4.9% APR on an $18,000 auto loan:
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