How do you find the total cost of an auto loan?
Note: This calculator only shows the total accrued loan cost for
principal and interest. This does not include other additional costs
associated with insurance or taxes.
How do you find the total loan cost?
To calculate the total loan cost of a vehicle loan use this formula:
r = Monthly Interest Rate (in Decimal Form) =
(Yearly Interest Rate/100) / 12
P = Principal Amount on the Loan
N = Total # of Months for the loan ( Years on the loan x 12)
Example: The total cost for 5 year loan, with a
principal of $25,000,
and a yearly interest rate of 6.5%:
r = (6.5 / 100) / 12 = .005416667
P = 25,000
N = (30 x 12) = 60
The total cost for the life of the loan is $29,349.22
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