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How to calculate monthly car payments?

If I would buy a car for $16,000, with 2.9% interest rate, 5 year loan what would my monthly payments be and what would be the equation for calculating the payments. I'm actually more interested in finding the equation and understanding it than finding actual payment amount. I want to learn how to calculate the payment. I don't want to just find out what it is.

Public Comments

1. google "loan calculator"
2. There are lots of loan calculators and amortization tables available for free online. If you have excel, use the help button to guide you through financial formulas.