The monthly car payment can be calculated in two different ways.
the first is to multiply the purchase price by the interest rate by 12 months. for example, if you buy a car for $5000 and have an interest rate of 5%, your monthly payments will be around $290.48 ($5000 * 0.05 * 12).
alternatively, you can also calculate it by dividing the total cost of buying a vehicle by its trade-in value and saving method (buying vs leasing). if you're going to buy a car for $5000 and save up all that money before buying it, then your monthly payment would be about ~$200-$250/month @5% apr or ~$330-$375/month@ 8
how do you calculate monthly car payments?
to calculate monthly car payments, just go to the number in the box that says “amount financed” and multiply it by the number in the box that says “interest rate”. this gives you your monthly payment. then, because not all automotive companies charge for accessories, accessories are represented in “misc fees”. miscellaneous fees or things like service contract could be found on different vehicles so these may vary. the total of monthly payments is calculated by adding up all 12 amounts for each month's worth of coverage to find out how much you'll pay overall during your lifetime after everything has been paid off.
what is the formula for calculating monthly payments?
here's the formula.
$p = p * (1+r)^n
where
“p” is monthly payment, “r” is the interest rate per period in decimal form, and “n” is the total number of periods in a year for this loan. please note that numbers with exponents cannot be inputted into a basic calculator. if you know how to calculate hyperbolic functions or natural logs on your computer or phone it's much better to use those calculations instead of the basic calculator found on most phones, since they will also show you important things like compounding interest rates and average monthly payments if that information was not provided in a question.
% compound
what is the monthly payment on a $30000 car?
answer: there is no exact answer to that question, because financing options will change from person to person. in general, it would be split into a monthly car payment and the cost of gas. i would recommend contacting your local bank or dealership for information on their comprehensive automotive financing plans.
consult with your local bank for more information on how they work with people's budgets to purchase vehicles. personal loans are another way to finance large purchases like this, which you may need if credit is bad after the recession. when i was looking at cars about 8 years ago, i considered all these options before deciding what was best for me at the time. the good news is there are so many different solutions available nowadays thanks to automakers' innovations in car
how do i calculate my car payment manually?
to calculate your car payment manually, first determine the length of the loan and interest rate.
to find out this information, talk to a lender or check out the website of an auto dealership for someone who might provide those numbers.
next, use those numbers with this formula: $y = capital + (p × r)
y tells you how much money you're borrowing from a bank. p is equal to “payment amount per payday.” and r is equal to “interest rate.” plug in whatever variables you have into that solution and then plug that number into our corresponding calculator below.
using that formula with a 10 year loan at 3% would be as follows:
$x = 17100 + (180
