Use these equations to solve for your auto and mortgage payments. Show your WORK: AUTO LOAN, ANNUAL RATE 4.25\%, NUMBER OF YEARS 5, NUMBER OF PAYMENTS 60, LOAN AMOUNT 32,500 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