Help me do the maths please.. I can't get it right

[Chaoz]

Ok here's the scenario, I went to a bike diam to ask for a particular bike.

Here's what I was quoted:

-OTR $13k

-Interests 4%

-My current bike for trade in $1300

 

After pressing, pressing, pressing on the calculator, he gave a price of $415 per month for 3 years.

--------------------------------------------

Here's my calculation:

 

Total price I paid = $415 x 36 = $14940 (3 yrs installment)

Bike loan I paid w/o interest = $13000 - $1300(trade-in) = $11700

 

So in total I am paying $3240 more. ($14940 - $11700).

So I take $3240 as interest for 3 yrs.

So each year is $1080.

Interest per year will be $1080/$11700 X 100% = 9.2% per annum

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Here's what I though it should be:

 

OTR: $13000 - $1300(trade-in) = $11700

Interest for three years = 4% x 3 = 12%

Total I have to pay = $11700 x 112% = $13104

Each Month = $13104 / 36 = $364

 

---------------------------------------------

 

So where did I go wrong? Or was it they wrong? I totally blur.

[Boon6600]

Ok here's the scenario, I went to a bike diam to ask for a particular bike.

Here's what I was quoted:

-OTR $13k

-Interests 4%

-My current bike for trade in $1300

 

After pressing, pressing, pressing on the calculator, he gave a price of $415 per month for 3 years.

--------------------------------------------

Here's my calculation:

 

Total price I paid = $415 x 36 = $14940 (3 yrs installment)

Bike loan I paid w/o interest = $13000 - $1300(trade-in) = $11700

 

So in total I am paying $3240 more. ($14940 - $11700).

So I take $3240 as interest for 3 yrs.

So each year is $1080.

Interest per year will be $1080/$11700 X 100% = 9.2% per annum

----------------------------------------------

 

Here's what I though it should be:

 

OTR: $13000 - $1300(trade-in) = $11700

Interest for three years = 4% x 3 = 12%

Total I have to pay = $11700 x 112% = $13104

Each Month = $13104 / 36 = $364

 

---------------------------------------------

 

So where did I go wrong? Or was it they wrong? I totally blur.

 

Maybe you can check with them the other charges like Insurance as most OTR don't included that. Hope my 0.00002 cents help.

[Chaoz]

insurance already included..

[ChaoPuzzy1968]

i also confuse....so u want the bike or not...if nt don't take lor

[Chaoz]

ok here's why, I happy and satisfied with the trade-in price, OTR price, insurance company, freebies given.. but i juz dun understand the price.. even if i like it also muz know why I'm paying so much more right?

[swirlacer]

dude, go there and ask them for a breakdown on cost on white paper and black ink. no point for us to calculate for u when it all lies in their hands.

anyhow, i tried to calculate for u.

 

OTR 13k at 4% per annum with TD of 1.3k

OTR 13k +GST= 13k x 1.07= 13910

interest at 4% x 3 yrs total=556.4 per yr.x3=1669.2

1669.2+13910=15579.20

minus trade in price of 1.3k=14279.2

divided by 36mnths=396.64 per mnth.

 

i would also add ur IU cost + insurance into the final price.

assuming IU cost=155.80 and insurance=505 dollars,

taking the final total just now, 14279.2+155.8+505= 14940

14940/36mnths= 415per mnth. NOW U KNOW! wahahha

[Chaoz]

oh.. haha.. then gotta get back there to ask them le.. so their OTR price is not really OTR la.. so many things not added...

[--BuSa--YoNg--]

All bike shop sure have their hidden cost 1 so dun waste time counting it if u wan go take car cuz 4 car easier 2 count.... For car is car*interest*yr+car/yr/mth...... Bike totally different..