Alvi said that she once bought a new car, and she was surprised how much she paid when she finished the loan.
If you buy a $15,000 car with a 5-year loan with 5% interest, your payment would be $283.07/each month.
If you always pay on time, you'll pay a total of $16,984.11.
If you get a $20,000 loan at 5% interest for 60 payments, your payment will be $377.42/month, and you will pay a minimum total of $22,645.48.
If you get a $25,000 loan at 5% for 60 payments, your payment will be $471.78, and your minimum total will be $28, 306.85.
If you ever pay late, you'll pay more.
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