Calculating your car loan repayment in Australia involves a bit of math, but let's not get too excited. You need the loan amount, interest rate (usually annual), and loan term in months. The formula for the monthly repayment (assuming a fixed interest rate) is:
Repayment = P × [r(1 + r)^n] / [(1 + r)^n – 1]
Where P is the principal, r is the monthly interest rate (annual rate divided by 12), and n is the number of months. Alternatively, online calculators on sites like ServiceCentral can do the heavy lifting.
Remember, rates vary from about 5% to 12% depending on your credit and lender, and loan terms often range from 1 to 7 years. So, plug in your numbers and prepare for the reality check in your bank statement.
LightingListing your ad only takes a few minutes, and most categories are free.
Post an adA weekly hand-picked round-up of the best bargains, free stuff, and trending listings. No spam, unsubscribe anytime.
Know someone looking to buy or sell something? Send them to Tradingpost, Australia's original marketplace.
