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$24,000 Auto Loan Payment Over 5 Years
Borrowing $24,000 for 5 years sets a fixed monthly payment for the life of the loan. The calculator starts at 7 percent. Change the rate or the length to compare.
At 7 percent the monthly payment comes to $475.23. Over the full term, the total paid is $28,514.
How the payment is worked out
Think of the payment as the amount that makes all 60 future payments worth exactly $24,000 at the start with a monthly rate of 0.5833 percent. Written out it is the loan times the monthly rate, divided by one minus one over one plus the monthly rate, raised to the power of 60.
Worked example
Take $24,000 at 7 percent over 5 years. The monthly payment is $475.23. In the first month $140.00 goes to interest and $335.23 goes to principal.
Total interest on this loan is $4,514. After 3 years of payments the balance has fallen to $10,614.
Questions about this calculator
Does adding a year to a $24,000 car loan over 5 years change the cost much?
Yes. At 7 percent a 5-year term costs $4,514 in interest. A 6-year term would lower the payment to $409.18 but raise interest to $5,461.
Should you put more down on a $24,000 car loan over 5 years?
A bigger down payment means borrowing less. On this $24,000 loan, putting down $2,400 more would lower the payment by about $47.52 and the interest by about $451. Sales tax, fees and insurance are not included.
What if the rate on a $24,000 car loan over 5 years were one point higher?
The payment would rise from $475.23 to $486.63, which is $11.40 more each month. One point lower would give $463.99.
Would paying $50 extra each month shorten a $24,000 car loan over 5 years?
Yes. On this $24,000 loan an extra $50 each month ends the loan 6 months sooner and saves $520 of interest.
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This page is for education only and is not financial or tax advice.