I have been given a quote for a car loan in Thailand. I want to calculate the APR but am not sure how. (All of the tools and explanations I’ve seen are going in the other direction, from a percentage to calculating monthly payment.) The salesman quoted 2.6% but I couldn’t ascertain exactly what that figure represents. Language was a barrier here.
For this plan, the total amount borrowed for the car is 511,200 baht over five years. The monthly payment is 9,628 baht, which means I would pay a total interest of 66,480 baht on top of the 511,200.
I’ve arrived at a percentage rate of about 5% by trial and error with an amortisation loan spreadsheet, but would like to know how it’s calculated properly.