HCF of three numbers

EMI of Car Loan Calculator

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Loan Repayment

✖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.ⓘ Principal Car Loan Amount [P_CL]			+10% -10%
✖Interest Rate is the amount charged, expressed as a percentage of the principal, by a lender to a borrower for the use of assets.ⓘ Interest Rate [R]			+10% -10%
✖Months represent the total months for which a fixed payment amount is made by a borrower to a lender to complete the loan amount.ⓘ Months [n_m]			+10% -10%

✖Monthly Payment of Car Loan is the total amount of payment done monthly to complete the car loan.ⓘ EMI of Car Loan [MP_loan]

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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)
MP_loan = P_CL*(R/(12*100))*(1+(R/(12*100)))^n_m/((1+(R/(12*100)))^n_m-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: 750000 --> No Conversion Required
Interest Rate: 0.2 --> No Conversion Required
Months: 45 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

MP_loan = P_CL*(R/(12*100))*(1+(R/(12*100)))^n_m/((1+(R/(12*100)))^n_m-1) --> 750000*(0.2/(12*100))*(1+(0.2/(12*100)))^45/((1+(0.2/(12*100)))^45-1)

Evaluating ... ...

MP_loan = 16730.6336353975

STEP 3: Convert Result to Output's Unit

16730.6336353975 --> No Conversion Required

FINAL ANSWER

16730.6336353975 ≈ 16730.63 <-- Monthly Payment of Car Loan

(Calculation completed in 00.004 seconds)

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< Loan Calculators

Remaining Loan Balance

LaTeX 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

LaTeX 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

LaTeX Go Equated Monthly Installment = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1))

Loan Amount

LaTeX Go Loan Amount = (Annuity Payment/Interest Rate)*(1-(1/(1+Interest Rate)^Compounding Periods))

EMI of Car Loan Formula

LaTeX Go

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 fixed payment amount made by a borrower to a lender at a specified date each calendar month to repay the loan taken on purchasing a car. Monthly Payment of Car Loan is denoted by MP_loan 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 (P_CL), Interest Rate (R) & Months (n_m) and hit the calculate button. Here is how the EMI of Car Loan calculation can be explained with given input values -> 16730.63 = 750000*(0.2/(12*100))*(1+(0.2/(12*100)))^45/((1+(0.2/(12*100)))^45-1).

FAQ

What is EMI of Car Loan?

EMI of Car Loan is the fixed payment amount made by a borrower to a lender at a specified date each calendar month to repay the loan taken on purchasing a car and is represented as MP_loan = P_CL*(R/(12*100))*(1+(R/(12*100)))^n_m/((1+(R/(12*100)))^n_m-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 fixed payment amount made by a borrower to a lender at a specified date each calendar month to repay the loan taken on purchasing a car 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 (P_CL), Interest Rate (R) & Months (n_m). 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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