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math formula for car loan. Multiply the monthly interest rate by the remaining balance to see how much of your payment goes toward interest. Add up the total interest paid over the life of the loan in cell E5 by entering the following formula without quotation marks.
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In this formula for a monthly payment assume that there is no down payment and that the student must finance the entire price of the car. This formula is conceptually the same with only the PVIFA replacing the variables in the formula that PVIFA is comprised of. To solve the equation youll need to find the numbers for these values.
Multiply the length of the loan in years by 12.
C Monthly Payment. A Total loan amount. D 1 r n - 1 r 1 r n Periodic Interest Rate r Annual rate converted to decimal figure divided by number of payment periods. To calculate the monthly payment on an auto loan use this car payment formula.
