$18,000 car and 8% financing

[Sundance]

How do you calculate my monthly payments for a 5 year loan?

What is the formula?

 

[TheProject]

http://www.lendingtree.com/common/b...asp?bp=autotrader4&source=7780&esourceid=7780

 

[supersizeme]

plenty of car loan calculators online

your payments would be $365/mo assuming you put nothing down

 

[TheProject]

plenty of car loan calculators online

your payments would be $365/mo assuming you put nothing down

Oh sure, do the math for him!

How's he supposed to learn that way?!?

 

[Sundance]

Oh sure, do the math for him!

How's he supposed to learn that way?!?

True...I was looking for the algoritm...the whole in detail math process instead of getting an on line loan calculator!

 

[supersizeme]

Oh sure, do the math for him!

How's he supposed to learn that way?!?

Avatar status: approved

 

[karson]

yo

8 percent is high when most places are offering 0 -3 percent right now...it makes a big difference, shop around

 

[Sundance]

http://www.leaseguide.com/lease08.htm

-= nav =-

Thanks for the link..I am looking for a loan formula though. The one you gave me explain in details the lease algoritm....

 

[Sundance]

Re: yo

8 percent is high when most places are offering 0 -3 percent right now...it makes a big difference, shop around

I know, it was just a ball figure ..I am looking to get the formula that leads to the monthly payment!

I intend to go to a dealership and I wanna be able to punch in my own numbers to double check the dealer figures...

So if a car is worth $18,000 and the interest rate is 8% what would be my calculations like?

 

[KO-KAYNE]

DIVIDE 8% BY 12 TO GET YOUR MONTHLY INTEREST.
.08/12=.0067

P=$18000
I=.0067
N=60 (12*5) MONTHS

P*I*(1+I)^N
-----------------
(1+I)^N-1



(18000*.0067*(1.0067)^60) / (1.0067)^60-1) = 365$





KAYNE

 

[Sundance]

DIVIDE 8% BY 12 TO GET YOUR MONTHLY INTEREST.
.08/12=.0067

P=$18000
I=.0067
N=60 (12*5) MONTHS

P*I*(1+I)^N
-----------------
(1+I)^N-1



(18000*.0067*(1.0067)^60) / (1.0067)^60-1) = 365$





KAYNE

gotcha..thanks and karma for ya...Supernave thanx for the effort too!

 

[the nature boy]

yeah 8% is too high. if they're cool and you have a few G's worth of credit card debit they might let you throw that in the loan as well. can't beat paying 0-3% on credit card debt.