PRACTICAL M SCIENCE
Model
| Calculating car payments | |||||
| Price | |||||
| Down payment | |||||
| Amount financed | |||||
| Term in months | Can be any multiple of 12, up to 60 | ||||
| Annual interest rate | |||||
| Monthly interest rate | |||||
| Monthly payment | |||||
| Total interest paid | |||||
| Payment schedule (works for any term up to 60 months) | |||||
| Month | Beginning balance | Payment | Interest | Principal | Ending balance |