Calculate amount of interest paid within a year on a car loan

[pipo9797]

For my taxes I am entitled to deduct any interest paid on my car loan this year.

here is the info.

- loan is for 21,557.50
- APR of 4.98 % calculated monthly
- 125.71 Paid bi-weekly started on Nov 12, 2015
- term of loan is 84 months but with an amortization
period of 96 months and a last baloon payment of 3,184.71.

the total cost of borrowing in my contract is stated as 4,515.53 for a total contract amount of 26,073.03.

how do I calculate the interest paid for my payments in 2015.

thank you

 

[stapel]

For my taxes I am entitled to deduct any interest paid on my car loan this year.

This is a poorly-posed homework exercise, since the IRS says that car-loan interest (for your car, as opposed to a vehicle belonging to a business) is not tax-deductible.

Here is the info:

- loan is for $21,557.50
- APR of 4.98 % calculated monthly
- $125.71 Paid bi-weekly started on Nov 12, 2015
- term of loan is 84 months, but with an amortization
period of 96 months, and a last balloon payment of $3,184.71.

The total cost of borrowing in my contract is stated as $4,515.53 for a total contract amount of $26,073.03.

how do I calculate the interest paid for my payments in 2015?

What formula(s) did they give you in class? How far have you gotten in apply this information? Also, does "bi-weekly" mean "twice a week" or "every two weeks"? Thank you!