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Auto loan interest is the cost of borrowing money to purchase a car. The lender will look at your credit score, debt-to-income ratio and other factors to determine what interest rate it offers.
If a lender uses the simple interest method, it’s easy to calculate loan interest if you have the right information available.
Knowing how to calculate your loan payments and costs can help you choose the best loan for your short- and long-term financial plans if you’re considering borrowing money.
Amortization calculator. An amortization calculator is used to determine the periodic payment amount due on a loan (typically a mortgage ), based on the amortization process. The amortization repayment model factors varying amounts of both interest and principal into every installment, though the total amount of each payment is the same.
en.wikipedia.org
To calculate the interest payment for a simple-interest auto loan, your lender multiplies the amount you borrowed ( P) by the interest rate ( i) by the term ( n) of the loan.
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