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How to calculate monthly car installment

This is the formulas for calculating monthly car installment:

Loan Amount X Years X Interest Rate + Loan Amount / Months = Monthly Installment

Example: Car OTR prices RM55,598 D/pyt 10% (RM5,598) 9 years repayment.

OTR Prices = RM55,598
Downpayment (10%) = RM5,598
Loan Amount = RM50,000
Bank Interest = 3.75% setaun

50,000 X 9 X 3.75% + 50,000 / 108 = 620.00

So, monthly installment is RM620.00 (9 years)

The current Prevailing Interest Rates:

5 years = 3.5%

6 years = 3.65%

7 years = 3.65%

8 years = 3.75%

9 years = 3.75%

Categories: Blogs
  1. March 18, 2013 at 8:07 am

    current interest rate is 3% pa…

  2. bungan
    March 13, 2013 at 9:15 am

    Sori, interest rate untuk Alza Advance. Loan untuk 9yrs.

  3. bungan
    March 13, 2013 at 8:55 am

    What is the current Prevailing Interest Rates? I mean for 2013.

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