Now only i know...they are calculated differently.
Car loan is easy to calculate, but they very evil.
Housing loan is not-so-easy, but they are less evil, and fairer.
CAR LOAN
1. total money u need to pay back= principal x (( interest rate) x (number of years)} + principal
2.money need to pay back each month= total money u need to pay back/number of months
HOUSING LOAN
We learnt that in form 6 Mathematics 2.
or here
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good, so invest in property first buy car later, if can wait long enough, refinance property to buy the car :)
ReplyDeleteHowever, if you like to buy your first car, you could opt for cheap second hand car. But be sure, to buy within your budgets, after your allocation of money to your investment in your property.
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