conversation: User (MsKat141): "I financed a new truck through GM and they sold my loan to Regions. My loan was for 28,081.58.  It's a simple interest loan with 4.99% interest with a total of 60 payments. I received my loan statement detail from Regions after making the first payment, and it says that out of my $530.80 monthly payment, $165.07 was for interest. \n\nAccording to excel's and other simple interest amortization calculators I've been able to find, my interest should have only been $116.77.  Is Regions's overcharging me interest or am I missing something?  \n\nI don't have an account with them, and when I try to call the number on the statement, all I get is a machine.\nAlso, according to my original paperwork, if I pay the loan off early within the first 6 months, I will get charged an extra $75 penalty.  Is there a reason why I shouldn't just go ahead and pay it off early and take the $75 hit if they're going to charge me these high interest payments?\n\nWhat should I do?  I could have just paid cash to begin with, but I thought it would be a good idea to take a loan to get the $1,000 incentive then just pay it in 6 months and come out ahead, but I see now that was a bad idea.  I should have done the math first.  My team was in the playoffs and I was too busy watching football.\n\nhttps://imgur.com/a/wTz00\n"
  Self: "Your first payment may be for more than a standard month.  Post an image of your statement with your information redacted if you want someone to do more than guess"
  User (MsKat141): "I'm only seeing the first month statement on my phone but if you click on the imgur link it has the second month statement as well."
  Self: "Your interest was from Jan 14th till you paid on Feb 25th so more than 1 month of interest.  Simple interest, not like a home loan .  43 days of of interest which is $165.07.  Not anything to be concerned with.  28081x.0499x43/365"
  User (MsKat141): "Ahhh. So that's how it works. Thanks."
  