Finance - loan payment
What is the monthly payment on a €10,000 loan at 7% for 5 years?
Answer
€198.01
/ month
Standard amortization formula on €10,000 @ 7% / 5y
How we got there
- 01Loan amount: €10,000
- 02Monthly payment: €198.01
- 03Total paid over 5 years: €11,880.72
- 04Total interest: €1,880.72
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