# Car Loan Calculator!

The first BIG purchase many people make is when they buy their first car. This calculator will help show the impact of many of the biggest factors people need to consider when taking out their first loan for a big purchase.

If you have used our Credit Card Payment Calculator to see how minimum payments on small loans are made, you might want to start to think what happens when you make bigger purchases, with bigger loans.

Once you have found the payments you can make on a car you can afford, check out our Buy Vs Lease Calculator to start seeing when actually buying a big purchase is REALLY cheaper than renting!

Check out some of our other calculators:

Make sure you click the VIEW REPORT button below!

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Calculators from KJE Computer Solutions, LLC

## Take The Quiz!

If reading this article was an Assignment, get all 5 of these questions right to get credit!

Click "Next Question" to start the quiz!

1 of 5) Assume you are buying a $15,000 car, with a 12 month loan at 5% interest, a net down payment of$2,500, and a $40 (non-taxable) fee with 6% in sales tax. What will be your monthly payment? 2 of 5) Keep the same settings from question 1, but now let's say you also brought in your old car and received a$1,200 trade allowance for it. How does this affect your purchase?
3 of 5) Assume you want to purchase a car for $10,000 at 6% interest rate,$1,000 cash down, $200 in fees (taxable), and a 5% sales tax. How many months will it take you to pay it off if you can afford$200 a month?
4 of 5) If you have the same budget as question 3 but the interest rate is 4% and taxable fees are now $500, what's the most you could afford to pay for your car if you want to have it paid off in 3 years? (Round to the nearest$1000)
5 of 5) With the same purchase values previously, but with your purchase price at \$7500, what is your 15th principal balance for a 24 month term if your interest rate is 10%?
Hint