The second calculator helps you figure out what vehicle price you can afford for a given monthly loan payment. The first calculator figures monthly automotive loan payments. Amortized Loan Payment Formula Calculate your monthly payment p using your principal balance or total loan amount a periodic interest rate r which is your annual rate divided by the number of payment periods and your total number of payment periods n.
Enter the loan.
Youre guessing that youll need 3 years or 36 months to. C Monthly Payment. I is the interest cost P is principal or the original amount borrowed R is the rate. The formula used to calculate loan payments is exactly the same as the formula used to calculate payments on an ordinary annuity.