$30,000 car loan at 7% for 5 years
Answer
Monthly payment: about $594. Total paid ≈ $35,642, of which roughly $5,642 is interest.
Assumptions
- $30,000 loan amount (after down payment)
- 7% APR, fixed
- 60 monthly payments (5 years)
- No fees, taxes, or warranty rolled in
Calculation
P = 30,000 · r = 7%/12 · n = 60Monthly ≈ $594.04Total ≈ $35,642 · Interest ≈ $5,642Try the full calculator
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Frequently asked
Is this before insurance and fuel?
Yes — loan payment only. Try the Total Car Ownership Calculator for the full picture.
Will a longer term lower my payment?
Yes, but you'll pay more interest overall and risk being underwater.
Estimates only. Figures are before taxes and deductions unless noted.