Interest Rate Calculator
Dealers often quote only a monthly payment. Given the loan amount, term and payment, this calculator solves for the true annual interest rate, then shows the total interest you’re actually paying and the amortization behind it.
TheCalculators — Interest Rate Calculator
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Interest Rate (APR)
5.065%
$960.00/mo × 36 payments on $32,000
- Loan Amount
- $32,000.00
- Monthly Payment
- $960.00
- Number of Payments
- 36
- Total of Payments
- $34,560.00
- Total Interest Paid
- $2,560.00
- Interest as % of Loan
- 8.0%
Payment breakdown
- Principal$32,000
- Interest$2,560
Amortization at the solved rate (annual)
This is the nominal APR implied by your payment. If the lender also charges fees, the fee-adjusted real APR is higher — check the APR Calculator.
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Formula
Solve for i: principal = payment × (1 − (1+i)^−n)/i, then APR = i × 12 × 100
Pro tips
- • Compare the implied rate to advertised rates — dealer "buy-here-pay-here" lots often imply 15–25%.
- • A lower payment over a longer term can hide a much higher total interest.
- • Refinance offers should be judged on implied APR, not the monthly payment alone.
FAQ
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