3/26/2023 0 Comments Auto loan calc amortization![]() ![]() Use the monthly payment method (formula) to calculate the monthly payment. ![]() How is the interest rate for a car loan calculated? N = Total # of Months for the loan ( Years on the loan x 12) Example: The total cost for 5 year loan, with a principal of $25,000, To calculate the total loan cost of a vehicle loan use this formula: r = Monthly Interest Rate (in Decimal Form) =. How do you calculate total interest on a car loan? Finally,subtract the principal from the total amount you have to pay back to get the total interest amount. For the next part of the formula,or ( (1+r)n – 1),add 1 to the APR per month and then
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