HOW TO CALCULATE OUTSTANDING AMOUNT ON LOAN

• subfor

  7 Nov 06, 22:46

  I bought a car in Sep 03 with a loan of 80k for 10 years. Monthly installment 830. already made 39 installments, wondering how much is my outstanding. thinking of changing car. Can someone pls help me on this? thanks in advance.
• PeRsEuS

  8 Nov 06, 00:19

  Originally posted by subfor:

  I bought a car in Sep 03 with a loan of 80k for 10 years. Monthly installment 830. already made 39 installments, wondering how much is my outstanding. thinking of changing car. Can someone pls help me on this? thanks in advance.

  Isn't that 120 payments minus 39 installments multiply that by $830?
  
  $67,230?
  
  
• sir_boris

  8 Nov 06, 01:44

  give ur bank a call.
• play_n_play

  8 Nov 06, 10:17

  I used to call the bank, the officer told me like this, hope it helps.
  
  installment amount per month = (loan amount + loan amount X interest X years of loan)/months of loan;
  
  
  
  

  Originally posted by subfor:

  I bought a car in Sep 03 with a loan of 80k for 10 years. Monthly installment 830. already made 39 installments, wondering how much is my outstanding. thinking of changing car. Can someone pls help me on this? thanks in advance.

• sir_boris

  8 Nov 06, 12:10

  if redeem loan early, there's some adjustments (and even penalties) which difficult to be tabulated over a spreadsheet. best give the bank a call.
• BenBenDeZhu

  8 Nov 06, 12:30

  you didnt state interest how to calculate
• VampireEB

  8 Nov 06, 13:30

  Gotta see how much your OMV and after COe rebated and then minus out
  
  your current outstanding loan and again rebate from your bank interests by
  
  how many yrs u had loan from the bank etc.
• T.Ryousuke

  8 Nov 06, 22:13

  Heard 10 yr loan has a clause, better check with bank.