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

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?secured loan

$192.48 is the correct payment.

I%26#039;ve had good luck here...

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Take care.

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

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.|||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!|||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|||Check out this calculator:

http://www.e-wisdom.com/calculators/Auto...|||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%26#039;t normally tell borrower. This can make a bit of different, but this is how financial institution make money.

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