Car Payment Calculator

How do you calculate a car payment?

To calculate the monthly payment on an auto loan use this
car payment formula:

c = Monthly Payment

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: Monthly payment for 5 year auto 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 = (5 x 12) = 60

The Monthly Payment is $489.15

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