# Auto Loan Calculator Online

## Auto Loan Calculator

Auto Loan is a types of short term personal loan.Monthly Payment Equal to (Loan amount)the amount of money multiple(Interest rate%) is given for a yearly period.

Formula us,

Monthly payment = (Loan amount) * Interest rate / 12) / (1 – (1 + (Interest rate / 12)) ^ (- Loan term))

let us consider,

•  Interest rate is given for a yearly period.
•  Loan amount is the amount of money .

### Loan Amount

Loan amount equal to the final purchasing price less than the cash you have to spend on a car less than the value of your current car multiple number of value 1 added to sales tax rate(%)

The formula us,

Loan amount = Price of the car – Money you have – (Trade in value * (1 + Sales tax))

let us consider,

• Price of the car – the final purchasing price,
• Money you have – the cash you have to spend on a car,
• Sales tax – sales tax rate

#### Calculate the Auto loan

Monthly payment = (Loan amount) * Interest rate / 12) / (1 – (1 + (Interest rate / 12)) ^ (- Loan term))

Loan amount (\$12,200) , Interest Rate (4%) , Long term(36)

Monthly Payment =(\$12,200) * (4% / 12) / (1 – (1 + (4% / 12)) ^ (-36))

Monthly Payment is \$360.19