Where do these numbers come from?
- Standard formulasAmortization M = P·r(1+r)^n / ((1+r)^n − 1) and monthly compoundingreviewed Oct 23, 2026
- Freddie MacPMMS mortgage-rate benchmarkweek of Oct 22, 2026
Checked Oct 23, 2026. $320,000 at 6.5% over 360 months: this calculator gives $2,022.62 a month and =PMT(6.5%/12; 360; -320000) in LibreOffice Calc (same PMT as Excel and Google Sheets) returns 2,022.62.
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$15,000 car loan: payment by APR and term
| APR | 36 mo | 48 mo | 60 mo | 72 mo | 84 mo |
|---|---|---|---|---|---|
| 4% | $442.86 | $338.69 | $276.25 | $234.68 | $205.03 |
| 6% | $456.33 | $352.28 | $289.99 | $248.59 | $219.13 |
| 8% | $470.05 | $366.19 | $304.15 | $263.00 | $233.79 |
| 10% | $484.01 | $380.44 | $318.71 | $277.89 | $249.02 |
| 12% | $498.21 | $395.01 | $333.67 | $293.25 | $264.79 |
| 15% | $519.98 | $417.46 | $356.85 | $317.18 | $289.45 |
Worked example
At 8% for 60 months: $304.15 a month, $18,249 paid in total, of which $3,249 is interest. Stretching to 84 months drops the payment to $233.79 but raises interest to $4,639.
Rates in the tables are a range for comparison, not current market quotes. Payments are principal and interest only unless stated.
Frequently asked questions
What is the payment on a $15,000 car loan?
$304.15 a month for 60 months at 8% APR.
How much interest on a $15,000 car loan?
$3,249 over 60 months at 8%.