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,
- 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