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Monthly Payment of Car Loan Solution

STEP 0: Pre-Calculation Summary
Formula Used
monthly_payment_of_car_loan = (Interest Rate+Interest Rate/((1+Interest Rate)^Months-1))*Principal Car Loan Amount
Mthly Pymt = (i+i/((1+i)^n-1))*P
This formula uses 3 Variables
Variables Used
Interest Rate- Interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.
Months- Months represent the total months for which a fixed payment amount is made by a borrower to a lender to complete the loan amount.
Principal Car Loan Amount- Principal Car Loan Amount is most commonly used to refer to the amount borrowed or the amount still owed on a car loan, separate from interest.
STEP 1: Convert Input(s) to Base Unit
Interest Rate: 6 --> No Conversion Required
Months: 45 --> No Conversion Required
Principal Car Loan Amount: 1000000 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
Mthly Pymt = (i+i/((1+i)^n-1))*P --> (6+6/((1+6)^45-1))*1000000
Evaluating ... ...
Mthly Pymt = 6000000
STEP 3: Convert Result to Output's Unit
6000000 --> No Conversion Required
FINAL ANSWER
6000000 <-- Monthly Payment of Car Loan
(Calculation completed in 00.016 seconds)

9 Other formulas that you can solve using the same Inputs

Number of Months
number_of_months = log10((Monthly Payment/Interest Rate)/((Monthly Payment/Interest Rate)-Loan Amount))/log10(1+Interest Rate) Go
EMI
equated_monthly_installment = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1)) Go
Monthly Mortgage Payment
monthly_payment = (Mortgage Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods-1) Go
Monthly Payment
monthly_payment = (Loan Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods)-1 Go
Present Value of Annuity
present_value_of_annuity = (Monthly Payment/Interest Rate)*(1-(1/(1+Interest Rate)^Number of Months)) Go
Future Value of Annuity
future_value_of_annuity = (Monthly Payment/Interest Rate)*((1+Interest Rate)^Number of Periods-1) Go
Loan Amount
loan_amount = (Annuity Payment/Interest Rate)*(1-(1/(1+Interest Rate)^Compounding Periods)) Go
Future Value of a Present Sum when the total number of periods is given
future_value = Present Value*(1+Interest Rate)^Total Number of Periods Go
Present Value of a Future Sum when total number of periods is given
present_value = Future Value/(1+Interest Rate)^Total Number of Periods Go

Monthly Payment of Car Loan Formula

monthly_payment_of_car_loan = (Interest Rate+Interest Rate/((1+Interest Rate)^Months-1))*Principal Car Loan Amount
Mthly Pymt = (i+i/((1+i)^n-1))*P

How to Calculate Monthly Payment of Car Loan?

Monthly Payment of Car Loan calculator uses monthly_payment_of_car_loan = (Interest Rate+Interest Rate/((1+Interest Rate)^Months-1))*Principal Car Loan Amount to calculate the Monthly Payment of Car Loan, Monthly Payment of Car Loan is the total amount of payment done monthly to complete the car loan. Monthly Payment of Car Loan and is denoted by Mthly Pymt symbol.

How to calculate Monthly Payment of Car Loan using this online calculator? To use this online calculator for Monthly Payment of Car Loan, enter Interest Rate (i), Months (n) and Principal Car Loan Amount (P) and hit the calculate button. Here is how the Monthly Payment of Car Loan calculation can be explained with given input values -> 6.000E+6 = (6+6/((1+6)^45-1))*1000000.

FAQ

What is Monthly Payment of Car Loan?
Monthly Payment of Car Loan is the total amount of payment done monthly to complete the car loan and is represented as Mthly Pymt = (i+i/((1+i)^n-1))*P or monthly_payment_of_car_loan = (Interest Rate+Interest Rate/((1+Interest Rate)^Months-1))*Principal Car Loan Amount. Interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets, Months represent the total months for which a fixed payment amount is made by a borrower to a lender to complete the loan amount and Principal Car Loan Amount is most commonly used to refer to the amount borrowed or the amount still owed on a car loan, separate from interest.
How to calculate Monthly Payment of Car Loan?
Monthly Payment of Car Loan is the total amount of payment done monthly to complete the car loan is calculated using monthly_payment_of_car_loan = (Interest Rate+Interest Rate/((1+Interest Rate)^Months-1))*Principal Car Loan Amount. To calculate Monthly Payment of Car Loan, you need Interest Rate (i), Months (n) and Principal Car Loan Amount (P). With our tool, you need to enter the respective value for Interest Rate, Months and Principal Car Loan Amount and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.
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