Calculation formula of monthly payment by equal principal and interest repayment method: monthly repayment amount = [loan principal &; Times; Monthly interest rate ×( 1+ monthly interest rate) repayment months ]≤[( 1+ monthly interest rate) repayment months-1]
Calculation formula of average capital repayment method monthly payment: monthly repayment amount = (loan principal ÷ repayment months)+(principal-accumulated amount of repaid principal) × monthly interest rate.
Extended data:
The actual interest rate of car loan is set by the handling bank according to the actual situation of customers and with reference to the benchmark interest rate stipulated by the central bank. Generally, customers with excellent conditions can enjoy the benchmark interest rate or float down 10%, while ordinary customers need to float up 10% on the basis of the benchmark interest rate.
According to the regulations of the central bank, the benchmark interest rate is implemented for auto loans, but financial institutions can float within a certain range of the benchmark interest rate. The term of auto loans in major banks is generally less than five years, and the interest rate of auto loans directly determines the cost of people's loans and becomes an important factor in determining whether people lend.
Baidu encyclopedia-car loan