Mar 3, 2020

Calculate Auto Loan Payments

←Older revision Revision as of 05:08, 4 March 2020
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#Alter the payment.  Change any of the variables, such as the finance amount or number of months, to see how the monthly payment changes.[[Image:Calculate Auto Loan Payments Step 16.jpg|center]]
 
#Alter the payment.  Change any of the variables, such as the finance amount or number of months, to see how the monthly payment changes.[[Image:Calculate Auto Loan Payments Step 16.jpg|center]]
 
#Calculate the loan payment without Excel. If you want to double-check Excel's math or you don't have access to Excel, you can get your loan payment by using one of the many loan payment calculators that are online.<ref>http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx</ref>[[Image:Calculate Auto Loan Payments Step 17.jpg|center]]
 
#Calculate the loan payment without Excel. If you want to double-check Excel's math or you don't have access to Excel, you can get your loan payment by using one of the many loan payment calculators that are online.<ref>http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx</ref>[[Image:Calculate Auto Loan Payments Step 17.jpg|center]]
 
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<ref>https://auto-loan-calculator.net/</ref>[[Image:Calculate Auto Loan Step by Styp 17.jpg|center]]
 
== Tips ==
 
== Tips ==
 
*Check on the type of interest being charged. In most cases the lender will use the APR, or Annual Percentage Rate, also known as the Stated Rate or Nominal Rate. Effective Interest Rate considers the compounding effect. At 7% compounded monthly, the APR is 7% while the EIR is a higher 7.22%.
 
*Check on the type of interest being charged. In most cases the lender will use the APR, or Annual Percentage Rate, also known as the Stated Rate or Nominal Rate. Effective Interest Rate considers the compounding effect. At 7% compounded monthly, the APR is 7% while the EIR is a higher 7.22%.


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