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How do I calculate the loan interest for a car?
How do I calculate the monthly loan interest for a car? As a mother of five children, I need to stay on top of my budgeting every month to support my children’s after-school activities, pay for my car loan, etc. I need to consider my monthly interest amount when I budget money every month.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Wow, it sounds like you are a very busy mom! To calculate the
loan interest
for a car, follow these steps:- Convert your interest rate into a decimal and divide it by 365.
- Take the answer and multiply it by your total loan value.
- Multiply the answer by 30 (to represent how many days between payments).
Whatever your answer is to this final equation is how much interest you will pay each month.
Since you are looking to find ways to cut the cost of your monthly budget, check out how you can save money on car insurance with
Jerry
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- Gregory R.
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