To calculate the monthly payments for a $50,000 loan over 84 months at interest rates of 7% and 10%, we can use the information and resources available. Here are the estimates:

Loan Details:

• Loan Amount: $50,000
• Loan Term: 84 months (7 years)

At 7% Interest Rate: Using a loan calculator, the monthly payment for a $50,000 loan at an interest rate of 7% over 84 months is approximately $807.66.

At 10% Interest Rate: For the same loan amount and term but at a 10% interest rate, the monthly payment is approximately $1,046.29.

Difference in Monthly Payment:

Now let's calculate the difference:

• Monthly payment at 10%: $1,046.29
• Monthly payment at 7%: $807.66
• Difference: $1,046.29 - $807.66 = $238.63

Thus, the difference in the monthly payment between a 84-month loan with a 7% interest rate compared to a 10% interest rate on a $50,000 loan is approximately $238.63.

For further calculations, you may find these online calculators helpful:

1. NerdWallet Auto Loan Calculator
2. Calculator.net Auto Loan Calculator
3. LendingTree Auto Loan Calculator

These tools will help you confirm these estimates and explore other loan scenarios if needed.To find the difference in monthly payments for a 60-month loan of $50,000 at 7% and 10% interest rates, you can use the following calculations for an 84-month term instead:

Monthly Payments Calculation

At 7% Interest Rate for 84 Months: Using an auto loan calculator, the estimated monthly payment for a $50,000 loan at 7% interest over 84 months is approximately $832.86.

At 10% Interest Rate for 84 Months: For the same loan amount and term, at a 10% interest rate, the estimated monthly payment is approximately $1,028.41.

Difference in Monthly Payment

To find the difference:

• Monthly payment at 10%: $1,028.41
• Monthly payment at 7%: $832.86
• Difference: $1,028.41 - $832.86 = $195.55

Therefore, the difference in monthly payment between a 60-month loan with a 7% interest rate versus a 10% interest rate on a $50,000 loan for an 84-month period is approximately $195.55.

Useful Online Calculators

You can verify these calculations or explore different scenarios using the following online calculators:

1. NerdWallet Auto Loan Calculator: A straightforward tool to calculate monthly payments and loan costs.

2. Calculator.net: Offers options to input various loan details, including sales tax and fees.

3. InvestingAnswers 84 Month Car Loan Calculator: Specifically designed for 84-month loans.

4. LendingTree Auto Loan Payment Calculator: Useful for estimating payments based on different loan parameters.

5. Capital One Auto Loan Calculator: Allows you to input loan amount and APR to estimate payments.

6. Navy Federal Credit Union Auto Loan Calculator: Great for estimating your monthly payments.

These tools can help you customize the loan variables to fit your specific needs and confirm the calculations provided.