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How to Calculate Georgia Car Tax, calculate car payment.#Calculate #car #payment

How to Calculate Georgia Car Tax

Calculating Georgia car tax isn’t the most pleasant of tasks, but knowing what you’ll pay before you purchase a car can take some of the shock away before you sign on the dotted line. The state has a retail sales tax of 4%, however this does not apply to motor vehicles purchased in the state. Instead of a Georgia state auto sales tax, an Ad Valorem tax is assessed and must be paid yearly. If a vehicle was purchased outside of the state of Georgia, the sales tax applies (see section on Sales Tax). When you buy a car in Georgia, you are responsible for paying the ad valorum tax at the time your car is registered to you. Vehicle registration must be renewed yearly, and ad valorem tax must be paid every year in order to renew your registration. Local county taxes apply in addition to the requisite ad valorem tax. The Georgia Department of Revenue has a Georgia car tax calculator tool in which consumers can select make, model, series (trim type), county and district, in order to find the tax amount to be paid to the state.

There are conditions under which the ad valorem tax is not required to be paid, as in the case of an owner who is a disabled veteran. Some active duty military personnel can qualify for exemption as well, and more information on this topic can be found on the state Department of Revenue’s website. A downloadable publication, the Motor Vehicle Assessment Manual outlines the rules and regulations regarding both active duty military personnel and disabled veterans.

If you have additional questions about Georgia state tax on motor vehicles, email Taxpayer Services at the Georgia State Department of Revenue.

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Financial Calculator, Free Online Calculators from, calculate car payment.#Calculate #car #payment


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Lease Calculator, Calculate Lease Payment, calculate car payment.#Calculate #car #payment


Calculate car payment

Operating Lease Converter

The free Operating Lease Converter uses some common elements to provide you with valuable feedback about the value or lack thereof of a potential lease property. You can enter a few important pieces

Calculate car payment

Lease Payment Calculator

[enlarge] Most people use a lease payment calculator when they are considering purchasing a car. By doing your lease payment calculation in advance, you can ensure that you’re getting the most bang for

Calculate car payment

Time Value of Money

There is that old saying that time is money, but have you ever really thought about how much your time is worth? There are plenty of reasons to want to know the answer

Calculate car payment

Car Lease Calculation

This Excel template calculates the amount of a lease for a potential car that a buyer might be interested in purchasing. You can enter a down payment amount plus the amount of the

Calculate car payment

Real Estate Investment Analysis

For the past ten years there has been an explosion of people looking to get into the real estate investing game. Sure, some of the TV programs out there make it look easy .

Calculate car payment

Car Leased Calculation

This is a simple car leased calculation Excel template that can be used by the car buyer or the car dealer to determine how much the lease of the car will be. The

Car Loan EMI Calculator India – Calculate Auto Loan Monthly Payments, calculate loan payments.#Calculate #loan #payments

EMI Calculator

Auto Loan EMI Calculator

Nowadays, owning a car is no longer seen as a luxurious commodity, rather it has become a necessity. If you have plans to purchase your dream car, it is not important to burn a hole in your pocket in the process. Instead, you can go for the option of having a car loan. The best part of having a car loan is that with the help of reasonable EMIs you get to pay back the loan.

Are you confused about the whole concept of EMI and the interest you have to pay? You don’t need to and let Car Loan EMI Calculator handle this. Read on, to know more about the EMI Calculator for a car loan and various other related things.

Car Loan EMI calculator

Calculate loan payments

What you should know about Car Loan Monthly Payment Calculator ?

An EMI loan calculator will help you out in making a right decision for the car model and the monthly budget. So, here are the key factors that you should know about this Loan EMI Calculator –

  • EMI calculator for Car Loan is one of the helpful tools that will make you familiar with the existing and the future monthly amount paid as installments. You can have a Car Loan EMI Calculator from the banks and financial entities.
  • While using an EMI Car loan Calculator, there is a need to enter certain details such as repayment term, loan amount, and the interest rate. With the help of this calculator, you can easily get familiar with the monthly installments and amortization schedule.
  • For using an EMI Calculator for auto Loan, you can enter the processing fee as well. The same fee also gets added to your loan amount to show the total expense incurred.
  • This Car Loans EMI Calculator online will also assist you with the amortization plan, interest outgo, and timeline of the loan repayment. Such information will make you aware of all the important information that helps you make smart decisions.
  • An EMI Calculator also comes handy in planning your monthly budget. This will really help in making the EMI more affordable.

Calculate loan payments

How Does Online Car Loan EMI Calculator work?

First and foremost, the compound interest on the principal loan amount at the set interest rate gets calculated by this EMI Calculator. The calculation is done as per the following rule – paying the interest part first, the total amount payable, and the part that outstanding of your EMI is the principal. EMI is computed using the following emi calculation formula –

Monthly Installment Amount = [P x R X (1 + R) ^ N] / [ (1 + R) ^N 1]

In the formula, P is the principal amount; N signifies the number of monthly installments, and R is the rate of interest every month. Let us assume the interest rate per annum at 12%, the interest rate each month will be 12/ (12 100).

How can you simplify your car loan with an EMI Calculator?

When you want to have the best information about making a right choice for a loan or about the repayments, this Calculator will do all the things for you. Following are some of the main things that get simplified when you use this Calculator for car loan.

  • Being intuitive and easy to use are its key elements. The main idea behind designing the calculator is to make your calculation task easier. All you need is to enter the values and use the sliders and you will have the instant projections on EMI and amortization schedule.
  • Using this Calculator is as simple as using a standard calculator. You don’t need to have special expertise to use this calculator.
  • With the help of the Calculator, you will have the amortization schedule and above all the breakup of the payable amount in a graphic format makes the things easier to understand and interpret.
  • You can use this Calculator number of times until the time you have the right combination of term, affordable EMI, and the principal.
  • With the help of a online EMI Calculator, you get to know which car loan will be beneficial for you. You get to compare the interest rates based on the prepayment penalty, interest rates, and processing fee to check its effects on the EMI.
  • You don’t have to pay anything and you will get your results instantly.

What are the benefits of using a car loan eligibility calculator?

This online Loan Calculator for determining car loan payments is a handy tool that will help you make smart loan decisions. Let us discuss the benefits of this Calculator –

Reiterate Calculations –

Using this EMI Calculator for Car Loan, you can keep on varying the values till the time you have the right EMI value that suits you best. Using this calculator, you can also experiment with the interest rates and term of the car loan; you also get to know all these elements can affect your EMI.

Immediate Results –

One of the best things is that you get instant results when you calculate your EMI using Car Loan Calculator. You can also use this calculator before taking a final decision on taking a car loan, when you are finally paying off your loan, and while you are making plans for car loan repayments.

Logical evaluation of car loans –

With the help of this EMI calculator, you can easily compare the best car loans on the basis of key elements like – interest rate and EMI. You may feel that the interest rates are all same but using Car Loan Calculator, you will get a better idea of the interest rates that can prove beneficial to you.

Accurate –

With the help of online Car Loan Calculator, you get to save your efforts on calculating complicated compound interest. If you are planning to do manual calculations, you are bound to make mistakes. If you enter all the details in a Car Loan EMI online calculator, your task gets done in minutes. Having an intuitive interface, the Calculator can be used by anyone.

How to qualify for a car loan?

Well, you don’t need to worry as the process of auto loan approval is simpler as compared to the house loan. For your bank and the lenders, your credit history and income really plays a pivotal role. Basically, they are interested in knowing whether you will be able to repay the loan amount or not. Following are the things that a lender or your bank will consider –

Credit Score –

Your bank and lenders will show more interest in knowing your status regarding your credit health and even want to know your history. They are usually looking for a credit score i.e. more than 750. Basically, it is the first step and on the basis of your credit score, they will move on to the next step.

But, if your score is below 750, your application will not be considered for the car loan. For lenders or your bank having a credit score below 750 is a clear signal that you are not capable of managing your credit responsibly. So, if you don’t want to face a rejection, make sure you have a healthy credit score.

Employment Profile –

Your bank and your lenders will also show interest in knowing your employment status i.e. whether you have a stable employment or not. This will ensure them whether you are in a position to repay the loan amount. They are not sure if you have s stable employment where you can easily make the EMI monthly payments for a car loan. They check whether you have worked with an employer for a minimum of one year when you apply for the car loan.

Credit Report –

Just like your credit score shows the status of your credit health, your credit report shows your credit behavior. Even your current score is healthy, your bank can cross-check your credit report to have a look at your past payment history.

Existing EMI payments –

If your existing EMI liabilities is forming a high percentage of your income, your bank will have an idea that you are not in a position to maintain additional debt payments. If your total monthly EMI is over 50%-60% of your income, your lender will get skeptical about repaying the additional car loan. You have more chances of your loan application getting rejected.

Therefore, when you have decided to apply for the car loan, ensure that your EMI outflow is not more than your income percentage. Just in case it is high, make sure you pay off the smaller loans in order to bring down your overall EMI. This will help in freeing up some part of your income so that you can repay your car loan.

Besides Car Loan EMI Calculator, you also have easy access to various other EMI calculators like Home Loan EMI Calculator, Bike Loan EMI Calculator, and Personal Loan EMI Calculator.

Loan Payment Formula and Calculator, calculate loan payment.#Calculate #loan #payment

Loan Payment

Calculate loan payment

The loan payment formula is used to calculate the payments on a loan. The formula used to calculate loan payments is exactly the same as the formula used to calculate payments on an ordinary annuity. A loan, by definition, is an annuity, in that it consists of a series of future periodic payments.

The PV, or present value, portion of the loan payment formula uses the original loan amount. The original loan amount is essentially the present value of the future payments on the loan, much like the present value of an annuity.

It is important to keep the rate per period and number of periods consistent with one another in the formula. If the loan payments are made monthly, then the rate per period needs to be adjusted to the monthly rate and the number of periods would be the number of months on the loan. If payments are quarterly, the terms of the loan payment formula would be adjusted accordingly.

Standard Loan Payment

The loan payment formula shown is used for a standard loan amortized for a specific period of time with a fixed rate. Examples of specialized loans that do not apply to this formula include graduated payment, negatively amortized, interest only, option, and balloon loans.

An adjustable rate loan will use the formula shown but will need to be recalculated based on the remaining balance and remaining term for each new rate change.

Use of Loan Payment Formula

The loan payment formula can be used to calculate any type of conventional loan including mortgage, consumer, and business loans. The formula does not differ based on what the money is spent on, but only when the terms of repayment deviate from a standard fixed amortization.

Simple interest and amortized loans will generally have the same payment. The terms amortized and simple interest relate to how much of the payment is applied to principal and how much is applied to interest for each payment.

Simple interest loans rely on the date of payment to determine the amount of interest paid with the remaining amount going to principal. If a payment is made early, the interest portion of the payment will be less than if paid later. Less interest accrues when the amount is paid early because the loan balance will be less due to the extra principal payments.

On the other hand, an amortized loan has a predetermined amount of interest paid per payment so an earlier payment has no affect on lowering the principal balance sooner. Different companies and their loans will have different policies on how they are amortized. An example of how a company may amortize their loan, is by re-amortizing every year so that extra principal payments to the loan will only go in effect after a year to lower the monthly interest portions of the payment.

Alternative Loan Payment Formula

Calculate loan payment

The payment on a loan can also be calculated by dividing the original loan amount (PV) by the present value interest factor of an annuity based on the term and interest rate of the loan. This formula is conceptually the same with only the PVIFA replacing the variables in the formula that PVIFA is comprised of.

3 Ways to Calculate Interest Payments, how to calculate interest on a loan.#How #to #calculate #interest #on #a #loan

How to Calculate Interest Payments

Not all loans are created equal. Understanding how to calculate a monthly payment, as well as the amount of interest you’ll pay over the life of the loan, are very helpful in choosing the perfect loan for you. Understanding exactly how the money adds up can requires you to work with a complex formula, but you can also calculate interest more simply using Excel.

Steps Edit

Method One of Three:

Quickly Comprehending Your Loan Edit

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

Method Two of Three:

Calculating your Payment by Hand Edit

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

Method Three of Three:

Calculating your Interest with Excel Edit

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

How to calculate interest on a loan

Community Q A

  • Calculate the first six months of interest at that rate and add it to the principal. Then, continue your calculation using this amount with the adjusted rate of interest.
  • Typically when you miss a payment the monthly payment amount does not change, but you will be charged a late fee which could be a fixed amount or an amount per day until the payment is made. However, if you do need to calculate the interest on missed payments, you would add the principal amount from the payments you missed and then use that amount in your calculation with the monthly interest rate. A loan amortization schedule will show you exact breakdown of principal to interest for each payment.
  • A line of credit is not a loan, but the lender’s agreement to provide a loan under certain conditions specified in the line of credit agreement. Lenders usually charge fees for a line of credit since it restricts their lending capacity. However, a line of credit until funded does not provide any cash to repay another loan. As a consequence, it appears that you will need to make a loan to pay off an older loan.
  • An interest payment is based upon the annual interest rate and the principal amount outstanding for the period. Presuming that you are making interest payments only on a term loan, divide the interest rate stated in the loan documents by the number of payments made in a year. Multiply the result times the principal outstanding. For example, if you have a $10,000 loan at 10% interest, your annual interest payments would total $1,000. If you make quarterly payments, you would pay $250 each quarter.
  • The ”total” monthly payment (including principal) would depend on the length of the loan. Using “simple” interest, the monthly interest payment would be roughly $85.
  • This gives you a monthly payment of $17,548.56, using the calculations given in this article. Multiply by 24 payments and you are paying a total of $421,165.44. Subtract that from the original $400,000, and you’re paying a total interest of $21,165.44. Your average monthly interest paid would be around $881.90.
  • Calculate the interest payments normally, but exclude the irregular ones and add them at the end. For example, if interest is £10 per month for 12 months, but one month it was 9 and one month it was 16, you’d calculate the 10 normal months and add the two irregulars at the end.
  • Start with the outstanding balance on the loan at the beginning of the current year. Multiply that balance by the loan’s APR (interest rate). Divide that number by 12. That is how much interest you pay in one month.
  • Leaving aside the complicating question of compound interest (by which your friend would owe you additional interest on all the unpaid interest), you would simply multiply $2500 by 53%. That’s how much interest your friend owes you at this point, in addition to whatever portion of the original principal you expected to get back by now (probably the whole thing!). 1% of $2500 is $25. That makes the calculation easy: your friend owed you $25 in interest every month, or a total of $1,325 over the period of 53 months, plus the original $2500. $25 continues to be added on every month.
  • That’s 3 percent each year for five years, which amounts to 15 percent simple interest over the whole period. In terms of compound interest, it would be more than that, depending on how often the interest is compounded.

Reusable Spreadsheet to Calculate Interest Payments Edit

The following table details how to use Excel, Google Docs, or similar spreadsheet programs to calculate simply interest payments on anything. Simply fill it in with your own numbers. Note that, where it says F x = <\displaystyle Fx=>, you must fill this part in the upper bar of the spreadsheet labeled “Fx.” The numbers (A2, C1, etc.) correspond to the boxes as they are labeled in Excel and Google Docs.

How to Calculate Your Monthly Lease Payment, calculate car payment.#Calculate #car #payment

How to Calculate Your Monthly Lease Payment

Your monthly lease payment is calculated by adding up the following 3 things:

  • Depreciation
  • Interest
  • Tax

When you lease a car, a leasing company actually buys the vehicle from the dealer before leasing it out to you.

The leasing company expects to earn interest on the money they used to buy the car (just like a loan). They also know the car will be worth a lot less at the end of your lease and expect to be compensated for the depreciation.

Here are some terms you should be familiar with in order to calculate the lease:

  • Capitalized Cost – The cost of the vehicle after subtracting any down payment or trade-in allowance.
  • Residual – The amount the vehicle is worth at the end of the lease.
  • Depreciation – The amount the vehicle has lost in value during the lease.
  • Term of Lease – The number of months you will be leasing (usually 24, 36, 39, or 48 months)
  • Money Factor – The finance charge, usually expressed as a fraction. (To calculate the interest rate, simply multiply the money factor by 2400)

An Example

We’re going to assume the car you will be leasing has an MSRP of $27,000 and you managed to negotiate the purchase price down to $25,000. To keep things simple, there is no down payment and you don’t have a trade-in. You will be leasing the car for 36 months. The money factor is .0029, and the leasing company has predicted the residual value to be $12,500 at the end of 36 months.

Basically, all you need to know in order to calculate your monthly lease payment is the price of the car, the residual value, the money factor, and the lenght of the lease. Dealers should provide you with all of these numbers if you call them up and ask.

Now let’s take a look at how each part of the lease payment is calculated

1. Depreciation

Remember, Capitalized Cost is the negotiated selling price of the car. The leasing company doesn’t care if you get ripped off or not, it’s up to you to get the best deal possible to ensure the lowest possible depreciation cost.

$347 is your monthly depreciation cost

2. Interest

You read that right, it’s the Cap Cost PLUS residual value. It doesn’t seem to make sense but it’s actually an accounting method the leasing companies use to simplify things on their end.

$109 is your monthly interest payment

3. Taxes

$31 is your monthly tax payment

Add it All Together

See, it’s not that hard to figure out the total monthly lease payment.

Q: I used this formula and it matched what I was quoted as a monthly payment, but the offer also included about $1,500 due at inception. Why do I have to pay an extra amount up front? When it comes to leasing, many people think “no down payment” means zero payment due at inception. Unfortunately, that is not the case. In addition to the first month’s payment, most leases require you to pay an acquisition fee, dealer doc fee, tag, title, registration, and license fees – all due up front. Some leases also require you to pay a security deposit (which is refundable as long as there is no damage to the vehicle)

Paying $1,500 upfront is typical in a lease – even when you have zero down payment. Learn more: Leasing Fees Due Up Front.

My Recommendation for Car Shoppers

Calculate car payment

About: Gregg Fidan

Gregg Fidan + is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.

How to Calculate Line of Credit Payments, calculate loan payments.#Calculate #loan #payments

How to Calculate Line of Credit Payments

Calculate loan payments

Using your home to secure a line of credit can get a lower interest rate.

roosevelts home image by Photoeyes from

Related Articles

  • 1 [Interest Expenses] | How to Calculate Interest Expenses on a Revolving Loan
  • 2 [Operating Line] | How to Apply for an Operating Line of Credit
  • 3 [Interest Rate] | How to Calculate Interest Rate on a Compensating Balance Installment Loan
  • 4 [Banks Create Lines] | How Do Banks Create Lines of Credit?

Home equity lines of credit allow homeowners to secure a lower interest rate on an open line of credit by leveraging the value of their home. The line of credit allows borrowers to access the money as needed over the term of the loan. In addition, the borrower only accrues interest on the money being used, rather than the entire amount of the line of credit. During the access period of the loan, typically interest-only payments are required. You must recalculate your line of credit payment each time your outstanding balance changes changes.

1. Contact your lender to determine the current interest rate on your home equity line of credit and your current balance.

2. Divide the annual interest rate by 12 to calculate the monthly interest rate. For example, if your annual interest rate equal 6.12 percent, you would divide 0.0612 by 12 to get 0.0051.

3. Calculate your interest payment on your line of credit by multiplying your monthly interest rate by your outstanding balance. Continuing the example, if you had a balance of $12,000, you would multiply $12,000 by 0.0051 to find your payment would be $61.20.

Things Needed

  • Calculator
  • Some home equity line of credit loans require a balloon payment when your line of credit payment ends. In this case, you must make a payment equal to the entire balance of the loan.


  • Most home equity lines of credit have an adjustable rate so you have to recalculate your payment every time your interest rate changes, according to the Federal Reserve.

References (2)

About the Author

Mark Kennan is a writer based in the Kansas City area, specializing in personal finance and business topics. He has been writing since 2009 and has been published by Quicken, TurboTax, and The Motley Fool.

Photo Credits

  • roosevelts home image by Photoeyes from

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  • EMI Per Lakh Chart for Car Loan in India, calculate car payments.#Calculate #car #payments

    EMI Per Lakh Chart for Car Loan in India. Calculate Interest,EMI

    Calculate car payments

    Compute Per Lakh EMI for Car Loan from 3 years to 7 years and from 9% to 13% with Icici, Hdfc, Kotak, Sbi and Other Banks in India

    EMI Per Lac Chart

    a) Without Advance EMI :- Below is EMI Per Lac Chart in Case of No Advance EMI i.e Arrears Scheme in Car Loan

    Interest Rate Tenor 3 yr 4 yr 5 yr 6 yr 7 yr

    9% 3180 2488 2075 1802 1609

    9.25% 3191 2500 2088 1815 1622

    9.5% 3203 2512 2100 1827 1634

    9.75% 3215 2524 2112 1839 1647

    10% 3227 2536 2125 1851 1660

    10.25% 3238 2548 2137 1864 1673

    10.5% 3250 2560 2149 1878 1686

    10.75% 3262 2572 2162 1891 1699

    11% 3274 2585 2174 1903 1712

    11.25% 3286 2597 2186 1916 1725

    11.5% 3298 2609 2199 1929 1739

    11.75% 3309 2621 2212 1942 1752

    12% 3321 2633 2224 1955 1765

    12.25% 3333 2645 2236 1968 1779

    12.5% 3345 2658 2250 1981 1792

    12.75% 3357 2670 2263 1994 1806

    13% 3369 2683 2275 2007 1819

    Calculate Car Loan Interest

    b) With 1 Advance EMI :- Below is EMI Per Lac Chart in Case of Advance EMI (where 1 Advance EMI will be shown in your Loan Statement)

    Interest Rate Tenor 3 yr 4 yr 5 yr 6 yr 7 yr

    9% 3156 2470 2060 1789 1597

    9.25% 3167 2481 2072 1801 1609

    9.5% 3178 2493 2084 1813 1622

    9.75% 3189 2504 2095 1825 1634

    10% 3200 2515 2107 1837 1646

    10.25% 3211 2527 2119 1849 1659

    10.5% 3222 2538 2131 1862 1671

    10.75% 3233 2550 2143 1874 1684

    11% 3244 2561 2154 1886 1697

    11.25% 3255 2573 2166 1898 1709

    11.5% 3266 2584 2178 1911 1722

    11.75% 3277 2596 2190 1923 1735

    12% 3289 2607 2202 1936 1748

    About the author

    Gagan Modi

    Gagan is CEO of Modi Online Ventures. Backed with a Management Degree from one among Top 10 Institute in India with Professional Work Experience of over 15 Years including working with Largest Passenger Car Manufacturer and Largest Private Sector Bank in India.

    Having passion for Automobiles and Entrepreneurship – ventured Single-Handed in Business in April 2011. At MyCarHelpline – you can get in thousands of reviews, latest information updates which is 100% Unbiased with Personalized assistance through Forum.

    Recent posts

    Important : If you seek advise or recommendation, pls raise query in Car Forum instead of posting in comments

    Comments 4

    Calculate car payments

    Experience of getting a car loan for a Used car:

    1. Loan from a Nationalized bank: I approached a Nationalized bank and I got all the certificates they wanted and also got the car valuation done by their suggested evaluator. After all this they wanted a sale agreement between me and the company which would tell them that the company is ready to make a sale. My company declined to give me any letter like that saying that they cannot make a sale as it is not their business. They can only give a communication saying that I am the User. Of course they have no problem with bank paying to the financial institution directly.

    2. Loan from a private bank: Then I approached a private bank and they told me that they don’t need any agreement. However, they said that they can disburse loan in only 2 days provided I already have a NOC. This can happen only when I pay then loan. Essentially the bank wants me to close the loan with financial institution for me to get a loan. This was absurd. The fact is since the loan is not closed vehicle is hypothecated to the financial institution and bank cannot issue another loan during this time. There is a workaround possible with bank getting some security documents from you during this period until the vehicle RC is changed and hypothecated to them. Interest rate is higher as well – 15%

    SO anyone thinking to go for a loan on an used car have to be careful.

    1. NOC must be available

    2. Loan interest rate is higher

    3. Loan will be 75% of the valuation

    Calculate car payments

    I am interested to buy a one year old eon hundai car in Rs 300000, i want to pay cash Rs one lakh and rs two lakh as loan, and laon period should maximum. The used car date of purchase is July 2013.,

    pl inform me what will the emi at maximum period of finance, Ashok Sharma 7505330999

    Calculate car payments

    Be careful to do your math to see if the car will still be worth enough when you are finished making all your payments. If you choose to take a shorter loan, your car will be paid off much quicker and you will pay less for it in the long run, but your monthly payments will be higher.

    Calculate car payments

    How to Calculate Interest Rates on Bank Loans #advance #payday #loans

    #calculate interest on loan

    Before You Take out a Bank Loan, Learn to Calculate Your Interest Rate

    Continue Reading Below

    The effective rate of interest is also known as the annual percentage rate (APR). The APR or effective rate of interest is different than the stated rate of interest. Banks also tie your interest rate to a benchmark, usually the prime rate of interest.

    Effective Interest Rate on a one Year Loan

    If you borrow $1000 from a bank for one year and have to pay $60 in interest for that year, your stated interest rate is 6%. Here is the calculation:

    Effective Rate on a Simple Interest Loan Interest/Principal $60/$1000 6%

    Your annual percentage rate or APR is the same as the stated rate in this example because there is no compound interest to consider. This is a simple interest loan.

    Effective Interest Rate on a Loan With a Term of Less Than one Year

    If you borrow $1000 from a bank for 120 days and the interest rate is 6%, what is the effective interest rate?

    Effective rate Interest/Principal X Days in the Year (360)/Days Loan is Outstanding

    Effective rate on a Loan with a Term of Less Than one Year $60/$1000 X 360/120 18%