MIDI file conversion

I have a digital piano (Yamaha Clavinova) that records songs into MIDI format. I would like to convert some of my recorded songs from MIDI files into a standard audio CD that can be played by family members in car stereos, portable CD players, etc. Can anyone recommend software (preferably available for less than $50) that can do this conversion? I'm not even sure what the final format needs to be to make the CDs playable; I know MP3 isn't what I'm looking for, but I don't know the difference between other formats I've seen such as WAV, OGG, [insert a bunch of other acronyms here].