Gmac Auto Loan Calculator
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Reviewed by Calculator Editorial Team
Use our GMAC Auto Loan Calculator to estimate your monthly payments, total interest, and loan terms. This calculator helps you understand the cost of financing a new or used car through GMAC.
How to Use the GMAC Auto Loan Calculator
To use the GMAC Auto Loan Calculator, follow these simple steps:
- Enter the loan amount you want to borrow.
- Select the loan term in years.
- Enter the interest rate offered by GMAC.
- Click the "Calculate" button to see your estimated monthly payment and total interest.
The calculator will display your monthly payment, total interest paid, and the total amount paid over the life of the loan.
Formula Used
The GMAC Auto Loan Calculator uses the standard auto loan payment formula:
Monthly Payment = P × (r(1 + r)^n) / ((1 + r)^n - 1)
Where:
- P = Principal loan amount
- r = Monthly interest rate (annual rate divided by 12)
- n = Number of payments (loan term in years × 12)
Total Interest = (Monthly Payment × n) - P
Total Amount Paid = Monthly Payment × n
Worked Example
Let's calculate a GMAC auto loan with the following details:
- Loan Amount: $25,000
- Loan Term: 5 years
- Interest Rate: 4.5% APR
Using the formula:
Monthly Interest Rate = 4.5% ÷ 12 = 0.375% or 0.00375
Number of Payments = 5 × 12 = 60
Monthly Payment = $25,000 × (0.00375(1 + 0.00375)^60) / ((1 + 0.00375)^60 - 1)
Monthly Payment ≈ $452.34
Total Interest = ($452.34 × 60) - $25,000 ≈ $1,120.40
Total Amount Paid = $452.34 × 60 ≈ $26,120.40
This example shows that borrowing $25,000 at 4.5% APR over 5 years would result in approximately $452.34 monthly payments, $1,120.40 in total interest, and $26,120.40 total amount paid.