Financial Calculator : anyone?

[Dolby]

I'm looking buying a car and I have a phycological block of spending anything over R4,000.00 - even R2 more.

So I've seen a car with the following figures and have already been approved at 11% interest :

Purchase Price : R253,000.00 (including license and registration)
Term : 60 months
Residual : R77,985.00
Deposit R 35,000.00

Now I enter these on the various calculators online and recieve the figures :

Nedbank : 3759.13
ABSA : 3759.13
Standard : R 3,917.39 (different format calculator, but still under R4,000.00)
FNB : 4315.30 (ISA, 30% residual)
FNB : 3785.35 (lease, 30% residual)

The dealership comes back and also get's a figure at over R4,000.00 Why the difference? Is it lease, ISA etc? As you can see, FNB lets you select and it makes a difference on te premium.

Anyone with a financial calculator can work out what I should be paying? :/

 

[kokzn]

Hi Dolby
have you tried these Wesbank ones?
http://www.wesbank.co.za/WesBankCoZa/calculators/index.jspx

The first one, you can enter the values of the vehicle, it will give you month installments.
On the second one you enter your preferred monthly installments, it will give you what value of car you can afford.

 

[FrancTheTank]

Have you tried doing one by yourself in excel? Its reasonably straight forward, =PMT(then all the bits)
Or you can insert/function/choose financial/payment/ etc
And it gives you hints on what to do and how to do it.
(just remember your interest rate for 11% would be 0.11/12 -for 12 months in a year)

 

[Rouxenator]

I also have to recommend Wesbank's calculator. Never let me down in the past.
Jeez - you have 4k to spend on a car? I guess I am working in the wrong industry then...

 

[Dolby]

Wesbanks calculator didn't work when I tried :/ It wouldn't subtract the deposit or anything.

But we seemed to work things out

 

[rurapente]

just make sure the interest calc u sign for is what u agree and calculate on.

my sister was fed 999 calculations until the car was "cheap" every month. she goes and signs the docs without re-checking the maths and "oh, um its your first finance so we have to do prime +2.5. sorry. have a nice day"

 

[mikef]

I'm looking buying a car and I have a phycological block of spending anything over R4,000.00 - even R2 more.

So I've seen a car with the following figures and have already been approved at 11% interest :

Purchase Price : R253,000.00 (including license and registration)
Term : 60 months
Residual : R77,985.00
Deposit R 35,000.00

Now I enter these on the various calculators online and recieve the figures :

Nedbank : 3759.13
ABSA : 3759.13
Standard : R 3,917.39 (different format calculator, but still under R4,000.00)
FNB : 4315.30 (ISA, 30% residual)
FNB : 3785.35 (lease, 30% residual)

The dealership comes back and also get's a figure at over R4,000.00 Why the difference? Is it lease, ISA etc? As you can see, FNB lets you select and it makes a difference on te premium.

Anyone with a financial calculator can work out what I should be paying? :/

As you have come right it is not that relevant anymore but purely for information the Nedbank and ABSA amounts of R3759.13 are the correct repayment purely taking interest into account and using the info provided above at a nominal interest rate of 11%.

The FNB lease calculation is also correct taking into account the revised residual.

The higher answers for your other options are either taking additional fees into account or are being calculated at a higher rate than 11%

 

[Dolby]

True.

I'll get her figures tonight when I'm at home. There were additonal fee's which these calculators don't take into account (Wesbank admin fee, license and registration etc) - but they don't work out to R200.00pm additional.

I'll post later.