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Results will appear here
Results
Monthly Payment
Actual Loan Amount
Total Interest Paid
Total Amount Paid (Principal + Interest)
About Auto Loan Calculator
Calculation Method
This calculator uses the standard amortization formula to determine your monthly payments. It first subtracts the down payment and trade-in value from the vehicle price to find the actual loan amount, then calculates the fixed monthly payment based on the annual interest rate and loan term. Total interest paid is calculated by subtracting the principal from the sum of all monthly payments.
Formula
The monthly payment is calculated using the following formula:
M = P × [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]
- M = Monthly Payment
- P = Principal Loan Amount
- r = Monthly Interest Rate (Annual Rate / 12)
- n = Number of Payments (Months)
