How do you calculate the total cost of a car loan?
To calculate the total loan cost of a vehicle loan use this formula: r = Monthly Interest Rate (in Decimal Form) =. (Yearly Interest Rate/100) / 12. P = Principal Amount on the Loan. N = Total # of Months for the loan ( Years on the loan x 12) Example: The total cost for 5 year loan, with a principal of $25,000,
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