Calculate Your Total Cost On Your Loan

Credit controls the interest rate based on what score you had when you were approved. In most cases if you had a low credit score at the time of a purchase and you have a high interest rate, you should consider refinancing the auto loan. With better credit and lower interest rate it will save you money on the loan. It also reduces the chance of being upside down in a car loan.
To calculate the total interest paid on a car loan, you can use the following formula:

Total Interest = (Monthly Payment x Number of Payments) - Loan Principal

In this case:

- Monthly Payment: $475

- Number of Payments: 72 months

- Loan Principal: $24,000

Let's plug these values into the formula:

Total Interest = ($475 x 72) - $24,000

Total Interest = $34,200 - $24,000

Total Interest = $10,200

So, the total interest paid on the car loan over 72 months at a monthly payment of $475 would be $10,200.