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Calculator for auto loans that implement the Rule 78 method of calculating interest per annum.
This app shows the resulting instalment per month, and differs from most other amortization apps that show lower values due to the difference in formula. This increased accuracy gives you a better feel of the monthly instalments you will be forking out.
1) Enter the loan amount (after any offsets, etc.)
2) Enter the interest rate per annum in percentage value
3) Enter the length of the loan in months (5 years = 60 months)
4) Calculate! The monthly instalment will be shown.
This Rule 78 method of calculation differs from normal amortization methods because it factors in the annual interest rate. The given figure is noticeably higher, especially if budget is a concern.
