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How Much is The Monthly Payment on a $30,000 Car Loan?

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Sam Rakestraw

Answered On Dec 30, 2022

· Answered On Dec 30, 2022

In order to find out how much you would be paying every month for a $30,000 loan with an average interest rate of 8%, we can use an equation that is easily applied to other amounts of car financing. About 85% of car ownership in the country is done through loans, so it especially helps to know the basics of what it’s calculated. 

Here is how to calculate your monthly car loan payments:

  • Loan amount (30,000) * interest rate (8%) 
  • Previous answer (2,400) * number of years the payment plan is (5 for 60 months) 
  • You now have your total interest (12,000). 
  • Loan amount (30,000) + total interest (12,000) 
  • Previous answer (42,000) / number of months of the payment plan (60) = monthly payment of $700. 

Use this series of simple addition, multiplication, and division in order to find how much you are paying every month for your car loan until it’s paid off. 

Some car loan companies may require their clients to get full car insurance for the vehicles with payment plans. Insure your financed vehicle with Insurance Navy’s cheap comphrensive and collision car insurance in addition to the basic liability coverage. Get your free car insurance quotes from our website today. 

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