# 96 Month Car Loan Calculator

## Introduction

Calculating the financial aspects of a 96-month car loan can be a complex task, but with the right tools, it becomes much simpler. In this article, we’ll provide a user-friendly 96 Month Car Loan Calculator using HTML and JavaScript. Follow the guide to understand how to use the calculator effectively.

## How to Use

1. Input the loan amount in the designated field.
2. Enter the annual interest rate as a percentage.
3. Specify the loan duration in months.
4. Click the “Calculate” button to obtain the monthly payment.

## Formula

The formula for calculating the monthly payment for a car loan is given by:

Where:

• is the monthly payment.
• is the principal loan amount.
• is the monthly interest rate (annual rate divided by 12 and converted to decimal).
• is the total number of payments (loan duration in months).

## Example

Suppose you want to calculate the monthly payment for a \$20,000 car loan with an annual interest rate of 5% over 96 months.

Using the formula, the monthly payment () can be calculated.

## FAQs

Q: Why is the monthly interest rate calculated by dividing the annual rate by 12?

A: This conversion is necessary to obtain the monthly interest rate in decimal form.

Q: Can I use this calculator for other loan durations?

A: Yes, simply input the desired loan duration in months for accurate calculations.

Q: Is the result inclusive of taxes and fees?

A: No, the calculator provides the base monthly payment. Additional costs should be considered separately.

## Conclusion

With the 96 Month Car Loan Calculator, determining your monthly car loan payments becomes hassle-free. Simply input the required details, click “Calculate,” and get accurate results for informed financial planning.