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Calculator Information

Assumptions used by this calculator

The Car Loan Repayment Calculator calculates the repayment amount using the repayment frequency requested, which is dependent upon amount, term and interest rate.

Calculator Assumptions

Length of Month

Months are of equal length. However given some months are longer than others interest charged will vary depending upon the month.

Number of Weeks & Fortnights in a Year

One year is assumed to contain exactly 52 weeks or 26 fortnights. Thus each year has 364 days.

Rounding of Repayment Amounts

Repayments are rounded to at least the nearest cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph, and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts.

Interest Rate

The interest rate input in the loan section of the calculator is a nominal interest rate per annum. The interest applied over each repayment period has been calculated as the nominal interest rate divided by the number of deposit periods.

Timing of Interest Conversion

The calculator assumes that interest is charged to the loan account at the same frequency as the repayments are made. The calculator assumes that the repayments are made at the start of each period.

Fees

The calculator does not take into account any upfront, annual or monthly fees which maybe charged as part of the loan.