## Auto Loan Calculator

Auto Loan is a types of short term personal loan.Monthly Payment Equal to (**Loan amount**)the amount of money multiple(I**nterest 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,
- Trade in value – the value of your current 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