The term OEM stands for Original Equipment Manufacturer. What does that really mean? It means that the part was made by a company that is a subcontractor to a vehicle manufacturer. It DOES NOT mean the part was made by the manufacturer.
The Rule-of-78's is sometimes used for car loans or other consumer loans. To print any loan schedule, click on Print Preview and then Print this schedule. When the first period, the period of time between the loan date and the first payment date is longer than one full period, there will be interest due for the extra days. This is known as odd day interest. The odd day interest, with this schedule, is shown as being paid on the loan date.
You will need the following numbers to calculate your monthly payment: 1  Loan Principal â the amount that you will be financing.  Interest Rate â the amount of interest that will be charged over the loan period.