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EMI of Car Loan Formula

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Monthly Payment of Car Loan is the total amount of payment done monthly to complete the car loan. Check FAQs

MP loan = P CL \cdot (\frac{R}{12 \cdot 100}) \cdot \frac{{(1 + (\frac{R}{12 \cdot 100}))}^{n m}}{{(1 + (\frac{R}{12 \cdot 100}))}^{n m} - 1}

MP_loan - Monthly Payment of Car Loan?P_CL - Principal Car Loan Amount?R - Interest Rate?n_m - Months?

EMI of Car Loan Example

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Here is how the EMI of Car Loan equation looks like with Values.

Here is how the EMI of Car Loan equation looks like with Units.

Here is how the EMI of Car Loan equation looks like.

16730.6336 = 750000 \cdot (\frac{0.2}{12 \cdot 100}) \cdot \frac{{(1 + (\frac{0.2}{12 \cdot 100}))}^{45}}{{(1 + (\frac{0.2}{12 \cdot 100}))}^{45} - 1}

16730.6336 = 750000 \cdot (\frac{0.2}{12 \cdot 100}) \cdot \frac{{(1 + (\frac{0.2}{12 \cdot 100}))}^{45}}{{(1 + (\frac{0.2}{12 \cdot 100}))}^{45} - 1}

16730.6336 = 750000 \cdot (\frac{0.2}{12 \cdot 100}) \cdot \frac{{(1 + (\frac{0.2}{12 \cdot 100}))}^{45}}{{(1 + (\frac{0.2}{12 \cdot 100}))}^{45} - 1}

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EMI of Car Loan Solution

Follow our step by step solution on how to calculate EMI of Car Loan?

FIRST Step Consider the formula

MP loan = P CL \cdot (\frac{R}{12 \cdot 100}) \cdot \frac{{(1 + (\frac{R}{12 \cdot 100}))}^{n m}}{{(1 + (\frac{R}{12 \cdot 100}))}^{n m} - 1}

Next Step Substitute values of Variables

∴

MP loan = 750000 \cdot (\frac{0.2}{12 \cdot 100}) \cdot \frac{{(1 + (\frac{0.2}{12 \cdot 100}))}^{45}}{{(1 + (\frac{0.2}{12 \cdot 100}))}^{45} - 1}

Next Step Prepare to Evaluate

∴

MP loan = 750000 \cdot (\frac{0.2}{12 \cdot 100}) \cdot \frac{{(1 + (\frac{0.2}{12 \cdot 100}))}^{45}}{{(1 + (\frac{0.2}{12 \cdot 100}))}^{45} - 1}

Next Step Evaluate

∴

MP loan = 16730.6336353975

LAST Step Rounding Answer

∴

MP loan = 16730.6336

EMI of Car Loan Formula Elements

Variables

Monthly Payment of Car Loan

Monthly Payment of Car Loan is the total amount of payment done monthly to complete the car loan.

Symbol: MP_loan

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Monthly Payment of 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.

Symbol: P_CL

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Principal Car Loan Amount

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.

Symbol: R

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Interest Rate

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.

Symbol: n_m

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Months

Other formulas in Loan category

Go EMI

EMI = LA \cdot R \cdot (\frac{{(1 + R)}^{CP}}{{(1 + R)}^{CP} - 1})

Go Loan Amount

LA = (\frac{PMT}{R}) \cdot (1 - (\frac{1}{{(1 + R)}^{CP}}))

Go Remaining Loan Balance

FV L = PV L \cdot {(1 + r p)}^{n PYr} - TP \cdot (\frac{{(1 + r p)}^{n PYr} - 1}{r p})

How to Evaluate EMI of Car Loan?

EMI of Car Loan evaluator 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 evaluate 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 evaluate EMI of Car Loan using this online evaluator? To use this online evaluator for EMI of Car Loan, enter Principal Car Loan Amount (P_CL), Interest Rate (R) & Months (n_m) and hit the calculate button.

FAQs on EMI of Car Loan

What is the formula to find EMI of Car Loan?

The formula of EMI of Car Loan is expressed as 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). Here is an example- 16730.63 = 750000*(0.2/(12*100))*(1+(0.2/(12*100)))^45/((1+(0.2/(12*100)))^45-1).

How to calculate EMI of Car Loan?

With Principal Car Loan Amount (P_CL), Interest Rate (R) & Months (n_m) we can find EMI of Car Loan using the formula - 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).

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EMI of Car Loan Formula

EMI of Car Loan Example

EMI of Car Loan Solution

EMI of Car Loan Formula Elements

Other formulas in Loan category

How to Evaluate EMI of Car Loan?

FAQs on EMI of Car Loan

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