@SpeedSportLife I consider myself financially literate and don’t know the formula to calculate the car payment. It’s certainly not basic and I’d bet most don’t. Here it is if you’re interested.
@ocshree No one is asking people to do this by hand. There are literally thousands of calculators that do this for you. You do have to conceptually understand the formulas and how loans/interest work, though.
@ocshree @SpeedSportLife In finance this is fairly basic and it is used for soooo much not just car payments. This formula can tell you how long it will take to hit a certain amount investing (n) and what rate you need (r). Most people do use calculators though but finance students have it beat into them
@ocshree @SpeedSportLife I assume this answer is fine but just a warning to all: ChatGPT cannot do math. That's not what it's built for. it's trained to return math-shaped responses if that's what it's asked for, but the validity of that math will rely on which websites it scrapes