How to calculate interest rate on auto loan?

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3 answer(s)
Answer # 1 #

For precise calculation, it's better to use online auto loan calculators which account for reducing balance method. Example: https://www.bankbazaar.com/auto-loan-calculator.html

[19 Day]
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Answer # 2 #

To calculate the interest rate on an auto loan, you need the principal loan amount, tenure, and the EMI (Equated Monthly Installment) you are paying. You can use the formula:

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Answer # 3 #

Interest Rate (approx) = [(EMI × Number of Months) - Principal] / Principal × 100 / Number of Years

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