Auto Loan Calculator 1.0
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Auto Loan Calculator is an Excel worksheet useful to estimate the overall cost of purchasing a car, including the sales price, sales tax, and the many charges and fees that creep up on you when you finally decide to make the purchase.
The worksheet calculates the total Loan Amount, taking into account your down payment, trade-in, or cash rebate. You can then use the Auto Loan Payment Calculator (another worksheet within the Excel workbook) to analyze different types of loans by changing the loan amount, interest rate, term of the loan (years), and the payment frequency.
The Auto Loan Calculator gives you complete flexibility in how you make additional payments, in case you want to pay off your loan early and avoid paying so much interest.
This Microsoft Excel workbook contains three different worksheets:
- Use the Auto Loan Calculator worksheet to calculate the amount you will need to finance, based on the sales price of the car, destination charges, fees, sales tax, down payment, cash rebate, and trade-in value of an older auto.
- Use the Payment Calculator worksheet to create an amortization table based on the auto loan amount, annual interest rate, term of the loan, and payment frequency. See how making extra payments can help you pay off your car loan early and reduce the amount of total interest paid.
- The third worksheet (Loan Comparisons) takes the inputs from the loan payment calculator and creates graphs showing you how different interest rates, number of payments, or the amount of down payment affect the monthly payment and total amount of interest.
- Microsoft Excel
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