What is the formula for calculating the monthly payment for an car Loan?

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The bank is financing my wife for 9606.00 at an interest rate of 7.5%. The Term is for 5 yrs (60 months) What should the monthly payments be?

What is the formula for calculating the monthly payment for an car Loan?

$192.48 is the correct payment.

I've had good luck here...

http://auto.deal4-you.com

Take care.

What is the formula for calculating the monthly payment for an car Loan?

P ( r / 12 )

-------------------------

(1 - ( 1 + r / 12 ) )-m

a 3 year (36 month) loan of $15,000 at 7% interest would look like this:

15000 ( 0.07/ 12 )

------------------------------

(1 - ( 1 + 0.07 / 12 ) ) -36

The payment for this car will be $463.16 per month.

What is the formula for calculating the monthly payment for an car Loan?

There are tons of financial calculators online. Google financial calculator and then you can learn to do this yourself and will never have to ask help again!

What is the formula for calculating the monthly payment for an car Loan?

9606.00 X 7.5 =720.45 INTEREST FOR ONE YEAR ---5 YEARS WOULD BE 3602.25. 9606.00 PLUS 3602.25 = 13208.25 TTL. 13208.25 DIVIDED BY 60 MONTHS ==PAYMENTS OF 220.13 PER MONTH

What is the formula for calculating the monthly payment for an car Loan?

Check out this calculator:

http://www.e-wisdom.com/calculators/Auto...

What is the formula for calculating the monthly payment for an car Loan?

192.48

7.5% is a very good rate for short period of 5 yr loan.

Make sure there is no hidden fees or charges that bank adds on top of the principal and don't normally tell borrower. This can make a bit of different, but this is how financial institution make money.

Good Luck.

What is the formula for calculating the monthly payment for an car Loan?

I wish my advice could be helpful.And here is a good resource.Check it up.http://carloan.featured-resources.info/d...



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