The total interest paid for my car that I came up with is less than what...

[Chuka]

...my dealer is charging. How? What's the formula for calculating interest that the car dealers use? The one I use in Excel is =(pmt(rte per period,# of pmts,total loan amount,0,0))*-1, and at an 8.99% interest rate, how do you come up with $7111.51 at a 72 mnth term?

 

[Spocktrhpt]

what's the principle amount and how many days until the first payment is due?

how much is your figure different?