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APR = ((Interest + Fees / Loan amount) / Number of days in loan term)) x 365 x 100
To better understand it: You can open excel > go to the templates > open the amortization schedule template. Then plug in your loan info. You can see how much interest you will pay each payment if you stick to the schedule. You can play with it to see how to cut down on interest by paying a few days earlier, making extra payments, and even making bi-weekly payments. If you start to make bi-weekly payments, make sure your lender allows partial payments.
This is very helpful. I am saving this so I can do this in the future. Thank you for sharing this.