What is the formula for calculating the monthly payment for an Auto Loan?
I used to be able to do this, but I think I'm missing something.
Here is how I did my math:
I took $9606.00 and multiplied it times 7.5% and came up with $720.45. Then I added that $720.45 to the $9606.00 and came up with a total of $10,326.45. I then divided the $10,326.45 by 60 (months) and came up with a total of $172.10. Meaning that $172.10 would be my monthly payment.
I went to bankrate.com and used their auto loan calculator and they came up with $192.48
The bank came up with $205.00 (I think they added credit, life, and disability)
So what the HECK am I missing......Please help!