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This Louisiana man shells out roughly a third of his income on car payments — with an astounding 12.75% interest rate on his auto loan ... $3,333 per month. ... paying more than $1,000 a month ...
The auto dealer then adds a markup to that rate, and presents the result to the customer as the "contract rate". [citation needed] These markups have been the focus of some regulatory scrutiny because they can cause variations in interest rates that are not correlated with credit risk. [3] Roughly half of new cars in the U.S. are financed by ...
Burman said his back-of-the envelope calculation, based on current interest rates and the size of the auto loan market, is "almost $6 billion per year in income tax reductions."
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The term annual percentage rate of charge (APR), [1] [2] corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), [3] is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, [4] etc. It is a finance charge expressed as an annual rate.
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