This auto loan calculator provides a solid foundation for users to calculate and understand their potential loan payments, total interest, and overall cost, with additional enhancements possible as needed.
Auto Loan Calculator
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Features and Explanation:
- Loan Amount: The total amount you want to borrow.
- Down Payment: The amount you will pay upfront, reducing the loan principal.
- Trade-In Value: The value of your trade-in vehicle, further reducing the loan principal.
- Loan Term: The duration of the loan in months.
- Interest Rate: The annual interest rate of the loan.
Calculation Details:
- Principal:
loanAmount - downPayment - tradeInValue - Monthly Interest Rate:
interestRate / 12 - Monthly Payment: Calculated using the standard loan amortization formula.
- Total Payment:
monthlyPayment * loanTerm - Total Interest:
totalPayment - principal
