What would be the cost of a car if my payments were $453 monthly for 3 years at 6% per year

To calculate the cost of a car based on monthly payments, payment period, and interest rate, you can use a formula to find the loan amount. Once you know the loan amount, you can subtract the down payment (if any) to determine the total cost of the car.

First, let's calculate the loan amount using the monthly payment, payment period, and interest rate. The formula for calculating the loan amount is:

Loan Amount = (Monthly Payment / (1 - (1 + Interest Rate)^(-Number of Payments))) / Interest Rate

In this case, the monthly payment is $453, the payment period is 3 years (36 months), and the interest rate is 6% per year (0.06 as a decimal).

Plugging these values into the formula:

Loan Amount = ($453 / (1 - (1 + 0.06)^(-36))) / 0.06

Now, we can calculate the loan amount using a calculator or spreadsheet software:

Loan Amount ≈ $15,186.28

This is the total amount you would need to finance through a loan to cover the cost of the car.

To find the total cost of the car, you need to consider any down payment you made. Let's assume there was no down payment.

Total Cost of Car = Loan Amount + Down Payment

Since the down payment is $0 in this case:

Total Cost of Car = $15,186.28 + $0

Total Cost of Car = $15,186.28

So, based on the given monthly payments, payment period, and interest rate, the cost of the car would be approximately $15,186.28.