Vehicle Car Loan Equations and Calculator

Engineering Calculators

Equation and Calculator will determine the monthly payments based on interest, down payment, total loan amount
 




  Convertible Bug















  Purchase price
  Down payment
  Trade-in value
  Interest rate
  Length of loan (in months)



  Monthly payment
  Total cost



The equation to calculate principal, P, interest rate, r, and number of monthly payments, m.

Payment = [P ( r / 12 )] / [1 - ( 1 + r / 12 )-m]

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

Payment = [15000 ( 0.07/ 12 )]/ [ (1 - ( 1 + 0.07 / 12 )-36)

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

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