Formula
Payment = L × i × (1+i)n ÷ [(1+i)n − 1], with L the amount financed, i the monthly rate and n the months. Interest on a new US-assembled car may be deductible for 2025–2028.
FAQ
What is the payment on a $30,000 car loan at 7% for 60 months?
About $594 a month, with roughly $5,640 of interest.
Sources (checked Nov 6, 2026): Standard amortization formula; state sales tax rules.