What is the formula used to figure automobile loans?
100934
The answer just provided is only a simple interest formula.  It is not the one used for car loans.  The correct one used by banks for car loans is complicated.  There are fomulas that will get you close to the right answer, but will never give the right answer.
88107
Future Sum Formula could be:\n\nF = P (1 + i)^n  where:\n\nF = future sum\nP = present amount (borrowed)\ni = annual interest rate, in decimal\nn = no. of yrs. to be computed\n\nF = 25,000 ( 1 + 3.63% )^3\nF = 25,000 (1 + 0.0363)^3\nF = 25,000 (1.0363)^3\nF = 25,000 (1.0363)(1.0363)(1.0363)\nF = 27,822 after 3 yrs.\n\nLet M = monthly repayment\n\n36M = F = 27,822\n\nM = 27,822 / 36\n\nM = 772.83\n\nTherefore the monthly repayment amount, M, is around 770 Pound Sterling.\n\nThere is a slight variation in the answer perhaps because they (the bank) might have used a different formula or perhaps they used a rounded figure in some of the values. But generally, this is how future amounts are computed if interest is compounded annually. O.K.?
1112463
It TOTALLY depends on the amount of time the loan is taken out for.  If it is just a line of credit (revolving), depends how much the business makes.  If you take out a "5" year loan, at 8.25% interest, well then, it will take you 5 years to pay, and your interest over time would be $11,188.75.  If you have Microsoft Excel, go in there and search for "loan amortization".  They have a designed schedule that let's you put in the loan amount, interest, time, etc.
752410
you need textboxes for: purchase cost, closing cost down payment, time period for loan, and interest rate. Then you need to code them using a monthly payment formula so you get your answer.\n\nIf you can provide the formula for the monthly payment (what numbers you multiply together, etc.), I will give you the code for it.
1148875
The *right* way to figure this out is to use an algebraic\nformula, but I think it's easier to visualize if you use a\nspreadsheet.\n\nIt's slightly difficult to present a table in Yahoo Answers\nbecause everything is jammed hard against the left\nmargin.  [I'm not sure why that's a feature.]  To help\nreduce the column misalignment, I displayed all of the\nnumbers with a constant width (ie. with leading zeros\nwhen necessary).  Bottom line is that you'd have\n$30344.87 at the end of eleven years.\n\nYear == years since start of account (in half year increments)\nRate == interest rate\nBalance == running balance of account\nInterest == interest payment for previous 6 months\n\n\nYear    Deposit     Rate   Balance  Interest\n\n00.00    820.00     0.000  00820.00   0000.00\n00.50    820.00     1.050  01681.00   0041.00\n01.00    820.00     1.050  02585.05   0084.05\n01.50    820.00     1.050  03534.30   0129.25\n02.00    820.00     1.050  04531.02   0176.72\n02.50    820.00     1.050  05577.57   0226.55\n03.00    820.00     1.050  06676.45   0278.88\n03.50    820.00     1.050  07830.27   0333.82\n04.00    820.00     1.050  09041.78   0391.51\n04.50    820.00     1.039  10214.41   0352.63\n05.00    820.00     1.039  11432.77   0398.36\n05.50    820.00     1.039  12698.65   0445.88\n06.00    820.00     1.039  14013.90   0495.25\n06.50    820.00     1.039  15380.44   0546.54\n07.00    820.00     1.039  16800.28   0599.84\n07.50    820.00     1.039  18275.49   0655.21\n08.00    820.00     1.039  19808.23   0712.74\n08.50    820.00     1.039  21400.76   0772.52\n09.00    820.00     1.039  23055.38   0834.63\n09.50    820.00     1.039  24774.54   0899.16\n10.00    820.00     1.039  26560.75   0966.21\n10.50    820.00     1.039  28416.62   1035.87\n11.00    820.00     1.039  30344.87   1108.25\n\nAdditional comment:\n\nOh man, I messed this up.  Thanks to "Mark Taranto"\nfor catching and correcting my mistake.  \n\nI took yet another look at this and want to\nwork through it carefully.  We appear to have\nas many different answers as there are people\nsubmitting solutions.\n\nOn day 1, Joanne put in $820, so that's her's balance.\n\nAfter 1/2 year, the bank would add half of 5% interest,\nwhich is 820*.025 = 20.50 and Joanne would add another \n$820.  So after six months, she would have:\n\n$820 + $20.50 + $820 = $1660.50\n\n\nAfter one year, the bank will again add half of 5% as\ninterest, which would be $1660.50 * 0.025 = $41.51.  \nThen Joanne would add $820, so the new total would be:\n\n$1660.50 + $41.51 + $820 = 2522.01\n\nContinuing this process in the spreadsheet, the\nfinal result after 11 years is:\n\n$23809.46\n\nThe corrected spreadsheet follows:\n\nYear  Deposit  Rate    Balance  Interest\n\n00.0  820.00  0.0000  00820.00  000.00 \n00.5  820.00  0.0250  01660.50  020.50\n01.0  820.00  0.0250  02522.01  041.51\n01.5  820.00  0.0250  03405.06  063.05\n02.0  820.00  0.0250  04310.19  085.13\n02.5  820.00  0.0250  05237.94  107.75\n03.0  820.00  0.0250  06188.89  130.95\n03.5  820.00  0.0250  07163.62  154.72\n04.0  820.00  0.0250  08162.71  179.09\n04.5  820.00  0.0250  09186.77  204.07\n05.0  820.00  0.0195  10185.92  179.14\n05.5  820.00  0.0195  11204.54  198.63\n06.0  820.00  0.0195  12243.03  218.49\n06.5  820.00  0.0195  13301.77  238.74\n07.0  820.00  0.0195  14381.15  259.38\n07.5  820.00  0.0195  15481.59  280.43\n08.0  820.00  0.0195  16603.48  301.89\n08.5  820.00  0.0195  17747.24  323.77\n09.0  820.00  0.0195  18913.31  346.07\n09.5  820.00  0.0195  20102.12  368.81\n10.0  820.00  0.0195  21314.12  391.99\n10.5  820.00  0.0195  22549.74  415.63\n11.0  820.00  0.0195  23809.46  439.72
625531
The formula is\nA = Pe^(rt), where A is the amount returned, P is the original amount, r is the interest rate, and t is the number of years.\nP = 2000\nr = 2% = .02\nA = 2000e^(.02t)\n"How long will it take?" means you are looking for t.\nIn order to find t, you will need to know A.
874090
Things like...\n1. interest rate\n2. fixed or variable rate\n3. penalties for late payments\n4. length of term of loan\n5. monthly payment amount
774657
Total = P * (1 + r)^t = $1762.34\n\nGeneral formulation:\nP * (1 + r/c)^(t*c)\nP = initial principle\nr = rate/yr in decimal.\nt = # of years\nc = # of periods that is compounded in a year
612266
If you have Excel, try this formula.\n\n=PMT(.178/12,36,2494)\n\nArguments are nominal interest rate divided by twelve, 36 months, loan value.\n\n$89.91 monthly payment
26471
The exact formula used is a secret, but the following weights have been revealed:\n\n* 35% punctuality of payment in the past\n* 30% capacity used, i.e., ratio of current revolving debt (e.g. credit card balances) to total available revolving credit (e.g. credit limits)\n* 15% length of credit history\n* 10% types of credit used (installment, revolving, consumer finance)\n* 10% recent search for credit and/or amount of credit obtained recently
1126484
COMPOUND INTEREST\n---------------------------------\n\n S = P (1 + I) n \n\nwhere:\n\nS = the future value\n\nP = the principal amount\n\nI = the periodic rate of interest*\n\nn = the # of compounding periods for the term of the loan\n--------\n\nFor example,\n\nIf the principal amount is $10,000, the periodic rate of interest is 10% and the # of compounding periods is 6, what is the value at maturity?\n\nS = P (1 + I) n \n\nS = $10000 (1 + .10) 6\n\nS = $ 17715.61\n\nhttp://homepages.cambrianc.on.ca/tutorial/thetutorialcentre/mathscience/math/compound_interest.htm\n\n\nSIMPLE INTEREST \n------------------------------\n\nAt start:\n\nT = P\n\nAfter 1 period:\n\nT = P + Pr = P(1 + 1r)\n\nAfter 2 periods:\n\nT = P + Pr + Pr = P + 2Pr = P(1 + 2r)\n\nAfter 3 periods:\n\nT = P + Pr + Pr + Pr = P + 3Pr = P(1 + 3r)\n\nAfter n periods:\n\nT = P(1 + nr)\n\n--------------------\nWhen money is borrowed, interest is charged for the use of that money for a certain period of time. When the money is paid back, the principal (amount of money that was borrowed) and the interest is paid back. The amount to interest depends on the interest rate, the amount of money borrowed (principal) and the length of time that the money is borrowed. \nThe formula for finding simple interest is: Interest = Principal * Rate * Time. If $100 was borrowed for 2 years at a 10% interest rate, the interest would be $100*10/100*2 = $20. The total amount that would be due would be $100+$20=$120. \n\nSimple interest is generally charged for borrowing money for short periods of time. Compound interest is similar but the total amount due at the end of each period is calculated and further interest is charged against both the original principal but also the interest that was earned during that period. \nhttp://www.learningwave.com/lwonline/percent/interest.html\n\n\n\nhttp://www.aaamath.com/g84-simple-interest.html \na calculater ..
845341
The formula for continuously compounded interest is\nA = P e^(rt) where A = final amount, P = principal (initial amount), r = interest rate as a decimal, and t = time in years.  e is a mathematical constant.\n\nFor your equation, A = 4634 e^(0.08X4) = 4634e^0.32 = 6381.61\n\nSo the interest earned is 6381.61- 4634.00 = 1747.61\n\n\nTo find the effective rate, choose an arbitrary amount, say $100, that you can easily find 16% of.  Then find the actual interest.  The formula for quarterly compounding is\n\nA = P(1 + r/n)^(nt)  where all are as above and n = number of compoundings per year; here n = 4\n\nA = 100(1 + 0.16/4)^(4X1) = 116.98\n\nSo you actually earned 16.98 in interest which would be 16.98% of 100 so 16.98 is the effective yield.
330317
The formula is \nI = Prt,\nwhere P is the principal, r is the interest rate and t is the number of years.\nThus,\nI = 400(.11)(1)\n= 44
325034
If you are using an absolute reference to f4, then all you have to do is match back up the correct mileage you want to multiply the mileage rate by. If they are listed vertically, with f9 being the first cell, you can just click and drag down, the forumla should look at f10, f11, f12, ect while still maintaining the same rate in f4. \n\nIf not, you are going to have to edit the formula after you copy to reference the correct mileage.
476203
total cars = 28\ntotal sales = 28x$9000 =$252,000
103722
Here's the info page for Direct Pay. http://www.gmacfs.com/us/en/personal/automotive/financing/payment.html
391470
http://www.a-loan-calculator.com/Mortgage-Calculator.aspx\n\nJust plug in the numbers.\n\nThere are many such sites out there. Just search Yahoo for "loan calculator".