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I bought a car for 92,000.00. What would be the total price of it with 2.49 financing per year and the payments?

A 92,000.00 Jaguar at 2.49 percent interest, on a 5 year plan. What would be total cost and payments monthly?
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2 Answers

Use the amortization formula to find the monthly payment A first:
A = P * i*(1+i)n/((1+i)n-1)
where i is the interest rate per month, n the number of months, and P the principal. In your case

These values give a monthly payment of A=1,632.
Therefore, the total payment over 60 months is
Note: The amortization formula is also known as the annuity formula, because it works for an annuity (where you receive monthly payments) the same way it works for a loan (where you make monthly payments).
Is the interest charged yearly: 2.49% for every 12 months, or is the 2.49% for every monthly payment along with the $92,000? If you want to know how much the interest, payments, and total cost, it will go as follows: I=PRT (interest=principal x rate x time)
            I=92,000 x .024 x 5