Thanks guys, I worked out my own payout. This was my method . My Loan was over 84 months, I had paid 44 months which left 40 months. I then multiplied 40 x the monthly payment and came to an amount. Then calculated the monthly amount of interest and multiplied it by 40 giving an amount of interest which would be deducted from the total amount of monthly payments left as above. Without allowing for an early payout amount. My payout figure was $4,593.21 less than what the finance company gave me. So be very careful if you try to estimate it yourself. This is the reason why I wanted to know the formula. Cheers Richtind.
