Toyota Financial - How do they calculate APR?

I'm trying to pay ahead on my Taco loan.
I used a spreadsheet to track what I've paid vs what I owe vs my current payoff, etc, etc.

It does not appear that a consistent (or correct) interest rate is being applied over the course of my loan (since Feb 11): The interest that I calculate based on the rate of my loan is not equal to the derived interest I calculate based on my statement data.


1. My assumptions are that % APR is divided by 12, each month I am charged 1/12 of the total interest based on the currently calculated principal. Is this correct?

2. When does Toyota Financial calculate interest? I have asked TF for this info but have not received an answer. Monthly? ie, would it make a difference to make weekly payments, or even daily payments? (with modern banking this is possible)

Perhaps some sage on here will chime in with wisdom.

 

Loan interest is amortized over the life of the loan. Basically, you pay the bank more interest per payment early in the loan.

Try this spreadsheet. You fill in the original loan amount, interest rate, etc. and it will show you how much of your payment goes to principal & interest. You can also fill in an extra payment amount and it will show how that effects the payoff amount and date.

 

Thanks, that's a good calculator.