EMI of Car Loan Solution

STEP 0: Pre-Calculation Summary
Formula Used
Monthly Payment of Car Loan = Principal Car Loan Amount*(Interest Rate/(12*100))*(1+(Interest Rate/(12*100)))^Months/((1+(Interest Rate/(12*100)))^Months-1)
MPloan = PCL*(R/(12*100))*(1+(R/(12*100)))^nm/((1+(R/(12*100)))^nm-1)
This formula uses 4 Variables
Variables Used
Monthly Payment of Car Loan - Monthly Payment of Car Loan is the total amount of payment done monthly to complete the car loan.
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.
Interest Rate - Interest Rate is the amount charged, expressed as a percentage of the 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.
STEP 1: Convert Input(s) to Base Unit
Principal Car Loan Amount: 1000000 --> No Conversion Required
Interest Rate: 6 --> No Conversion Required
Months: 45 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
MPloan = PCL*(R/(12*100))*(1+(R/(12*100)))^nm/((1+(R/(12*100)))^nm-1) --> 1000000*(6/(12*100))*(1+(6/(12*100)))^45/((1+(6/(12*100)))^45-1)
Evaluating ... ...
MPloan = 24871.1695824917
STEP 3: Convert Result to Output's Unit
24871.1695824917 --> No Conversion Required
FINAL ANSWER
24871.1695824917 24871.17 <-- Monthly Payment of Car Loan
(Calculation completed in 00.004 seconds)
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Credits

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4 Loan Calculators

Remaining Loan Balance
Go Future Value of Loan Amount = Loan Principal*(1+Rate per Payment)^Number of Payments Per Year-Total Payments*(((1+Rate per Payment)^Number of Payments Per Year-1)/Rate per Payment)
EMI of Car Loan
Go Monthly Payment of Car Loan = Principal Car Loan Amount*(Interest Rate/(12*100))*(1+(Interest Rate/(12*100)))^Months/((1+(Interest Rate/(12*100)))^Months-1)
EMI
Go Equated Monthly Installment = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1))
Loan Amount
Go Loan Amount = (Annuity Payment/Interest Rate)*(1-(1/(1+Interest Rate)^Compounding Periods))

EMI of Car Loan Formula

Monthly Payment of Car Loan = Principal Car Loan Amount*(Interest Rate/(12*100))*(1+(Interest Rate/(12*100)))^Months/((1+(Interest Rate/(12*100)))^Months-1)
MPloan = PCL*(R/(12*100))*(1+(R/(12*100)))^nm/((1+(R/(12*100)))^nm-1)

How to Calculate EMI of Car Loan?

EMI of Car Loan calculator uses Monthly Payment of Car Loan = Principal Car Loan Amount*(Interest Rate/(12*100))*(1+(Interest Rate/(12*100)))^Months/((1+(Interest Rate/(12*100)))^Months-1) to calculate the Monthly Payment of Car Loan, EMI of Car Loan is the total amount of payment done monthly to complete the car loan. Monthly Payment of Car Loan is denoted by MPloan symbol.

How to calculate EMI of Car Loan using this online calculator? To use this online calculator for EMI of Car Loan, enter Principal Car Loan Amount (PCL), Interest Rate (R) & Months (nm) and hit the calculate button. Here is how the EMI of Car Loan calculation can be explained with given input values -> 24871.17 = 1000000*(6/(12*100))*(1+(6/(12*100)))^45/((1+(6/(12*100)))^45-1).

FAQ

What is EMI of Car Loan?
EMI of Car Loan is the total amount of payment done monthly to complete the car loan and is represented as MPloan = PCL*(R/(12*100))*(1+(R/(12*100)))^nm/((1+(R/(12*100)))^nm-1) or Monthly Payment of Car Loan = Principal Car Loan Amount*(Interest Rate/(12*100))*(1+(Interest Rate/(12*100)))^Months/((1+(Interest Rate/(12*100)))^Months-1). 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, Interest Rate is the amount charged, expressed as a percentage of the 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.
How to calculate EMI of Car Loan?
EMI of Car Loan is the total amount of payment done monthly to complete the car loan is calculated using Monthly Payment of Car Loan = Principal Car Loan Amount*(Interest Rate/(12*100))*(1+(Interest Rate/(12*100)))^Months/((1+(Interest Rate/(12*100)))^Months-1). To calculate EMI of Car Loan, you need Principal Car Loan Amount (PCL), Interest Rate (R) & Months (nm). With our tool, you need to enter the respective value for Principal Car Loan Amount, Interest Rate & Months 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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