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HP or personal loan monthly payment: PMT = P × r / (1 − (1+r)^−n)
where P = amount financed, r = monthly rate (APR ÷ 12 ÷ 100), n = term in months.
For PCP, subtract the present value of the balloon from the financed amount before applying the formula.
Worked example HP: 18,000 car, 3,000 deposit, 7.9% APR, 48 months. Finance = 15,000. r = 0.658%/month. PMT = 15,000 × 0.00658 / (1 − 1.00658^−48) ≈ 365/month. Total paid = 17,520. Interest = 2,520.