Monthly car payment = P × (r(1+r)^n) / ((1+r)^n − 1). Where P = loan, r = monthly rate, n = months.
$25,000 car at 6% APR for 60 months = $483/month = $28,980 total (paid $3,980 in interest).
Average US car payment (new): $737/month. Used: $520/month (2024).
New vehicle: ~$737/month. Used vehicle: ~$520/month. Lease: ~$600/month (2024 data).