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from The Complete Car Cost Guide

Interest Expense

As the length of the loan increases, the interest cost also increases, yet the monthly payment decreases. The principal, however, remains the same regardless of the length of the payment period. The total interest that you pay can be computed by adding up the monthly payments and subtracting the amount that you initially borrowed (loan amount).

1998 The Complete Car Cost Guide™ IntelliChoice® Inc. Campbell, CA