Divorce and the Big Car Payment

[Max*]

How do you figure? I'm coming up with $592.46 total interest on an $80,000 loan for a six year term.

80k @ 1.99% for 72 months = $1,179.68/month payment = $4,937.26 total interest paid.
80k @ 1.74% for 72 months = $1,170.92/month payment = $4,306.58 total interest paid.

Difference = $630.68

 

[⚡️ELECTROMAN⚡️]

80k @ 1.99% for 72 months = $1,179.68/month payment = $4,937.26 total interest paid.
80k @ 1.74% for 72 months = $1,170.92/month payment = $4,306.58 total interest paid.

Difference = $630.68

You're right. I guess it's not accurate to calculate it at .25% to find the difference. I'm sure there's a reasonable explanation. Probably just the affect of amortization makes it non-linear.