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`"Car Loan Payment" = f( "LoanAmt" , 6.3 , 60 )`

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The **Car Loan Payment** formula computes your monthly payment amount, including principal and interest, on a fixed interest car loan that, like most standard loans, compounds interest monthly. This equation can be used to compute payment amounts for car loans and other standard personal loans.

**INSTRUCTIONS**: Choose units and enter the following:

**(L)**Loan Amount- (
**i%**) Percent Interest Rate **(n)**Number of Months- Common Duration: between 36 and 72 months

This formula is commonly used for auto loans and other simple debt. The word AMORTIZATION comes from the Middle English *amortisen *which means "to kill". In essence, this is the amount needed on a regular basis "to kill" a debt. The formula for amortized payment is:

`MP = (P * (r/12)) / (1- (1+(r/12))^(-12*N))`

where:

- MP = Monthly Payment
- P = Principal Loan Amount
- r = Annual Interest Rate
- N = Number of Years

**Monthly Loan Payment:**Computes the monthly payment of a fixed interest rate loan (e.g., home mortgage or car loan).**Credit Card Equation:**Computes the number of months to pay off a credit card.**Mortgage Affordability**: Compute the amount of principal one can borrow based on monthly payment, duration and interest rate.**Leverage Ratio**: Calculates a ratio describing debt to income.**Compound Interest:**Computes the compounded interest on a fixed interest rate investment**CAGR:**Computes the compounded annual growth rate achieved on an investment.**Rule of 72:**Provides a quick estimate on time to double an investment**Simple Interest Earned:**Computes a rough estimate on interest earned over time.**Wage Calculator**: Computes the annual, monthly and weekly pay amounts base on hourly wage and hours per week.:**Current Mortgage Rates**- 30 Year Fixed Interest Rate: 7.05 %
- 15 Year Fixed Interest Rate: 6.48 %
- 7/6 SOFR ARM: 6.92 %