**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**

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

**Formula**

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

$M=P×(+r)n−r(+r)n $

Where:

- $M$ is the monthly payment.
- $P$ is the principal loan amount.
- $r$ is the monthly interest rate (annual rate divided by 12 and converted to decimal).
- $n$ 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.

$P=20000,r=120.05 ,n=96$

Using the formula, the monthly payment ($M$) 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.