### Car Loan Payment Calculator

### How to Use the Car Loan Payment Calculator

**Enter the Car Price:**Input the total cost of the car before taxes and any deductions.**Sales Tax:**Enter the sales tax percentage that applies to your purchase.**Down Payment:**Input the amount you plan to pay upfront as a down payment.**Trade-In Value:**If you’re trading in your old vehicle, input its value here.**Loan Term:**Enter the duration of the loan. You can select whether this term is in months or years.**Interest Rate:**Enter the interest rate your lender is charging on the loan.**Calculate:**Press the “Calculate” button to see your monthly payment and the actual loan amount.

### Formulas Used

**Actual Loan Amount**= (Car Price + Sales Tax Amount) – Down Payment – Trade-In Value**Monthly Payment**= $\frac{{\text{Actual Loan Amount} \times \text{Monthly Interest Rate}}}{{1 – (1 + \text{Monthly Interest Rate})^{-\text{Loan Term}}}}$

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