Use these equations to solve for your auto and mortgage payments. Show your WORK: ANNUAL RATE 3%, NUMBER OF YEARS 30,360 PAYMENTS, LOAN AMOUNT 250,000 P=(1+r)n]1Ar(1+r)n P= Loan payment A = Amount of loan r= interest rate divided by number of periods (usually r/12 ) n= payments per year multiplied by number of years (nt) More on calculating auto payments