Am I Reading This Right?

[WM RT(R)]

Looking into the finance special, 0%APR for 60mo.s, I see *$16.67/mo for every $1,000 financed.
This seems to work out to ~$400/mo! Which would be like 40% APR ?
Does anyone have an understanding of this that says otherwise?

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[renegade]

For every $1000 financed your payment is $16.67 with 0% interest.

Finance $10K and your payment is $167.70 for 5 years.

16.67 X 60 = 1000
167.70 x 60 = 10000

 

[zvez]

Looking into the finance special, 0%APR for 60mo.s, I see *$16.67/mo for every $1,000 financed.
This seems to work out to ~$400/mo! Which would be like 40% APR ?
Does anyone have an understanding of this that says otherwise?

you're making it too complicated. Take the amount you're going to finance and divide it by the term. It's zero percent interest so you won't pay anything else

 

[WM RT(R)]

you're making it too complicated. Take the amount you're going to finance and divide it by the term. It's zero percent interest so you won't pay anything else

This is from another Ford website: 60 monthly payments of $17 per thousand borrowed. Total interest paid over 60 month term is $0.
Sounds like it's a surcharge or something. If we're financing 25k, wouldn't that work out to ~$415/month?

 

[ipca204]

Wow.... just.....wow...

 

[ToOldForThis]

Like someone said - just take the amount you will be borrowing and divide it by 60. That's your monthly payment. If you are borrowing $40,000, the monthly payment would be $666.67.

 

[azerik]

Principal payment. Not interest payment. There is no interest.

 

[zvez]

This is from another Ford website: 60 monthly payments of $17 per thousand borrowed. Total interest paid over 60 month term is $0.
Sounds like it's a surcharge or something. If we're financing 25k, wouldn't that work out to ~$415/month?

I financed at 0% interest and it was a true 0% interest no hidden charges.

 

[renegade]

This is from another Ford website: 60 monthly payments of $17 per thousand borrowed. Total interest paid over 60 month term is $0.
Sounds like it's a surcharge or something. If we're financing 25k, wouldn't that work out to ~$415/month?

We can explain it to you but we can't understand it for you.

 

[circatee]

I am here merely to answer the thread title. No, you're not

PS: Like others have stated, total amount financed divided by term...

 

[david_quick]

This is from another Ford website: 60 monthly payments of $17 per thousand borrowed. Total interest paid over 60 month term is $0.
Sounds like it's a surcharge or something. If we're financing 25k, wouldn't that work out to ~$415/month?

$17x25 is $425 no interest.

 

[david_quick]

Wow.... just.....wow...

?

 

[Cuddlecool]

As a former English major, all this mathing hurts my brain. Sixty divided by zero is undefined in my book, and I have no interest in continuing.

 

[circatee]

As a former English major, all this mathing hurts my brain. Sixty divided by zero is undefined in my book, and I have no interest in continuing.

LOL, I see what you did there...

 

[4sallypat]

5th grade math ?

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