Finance - loan payment
What is the monthly payment on a €20,000 loan at 12% for 3 years?
Answer
€664.29
/ month
Standard amortization formula on €20,000 @ 12% / 3y
How we got there
- 01Loan amount: €20,000
- 02Monthly payment: €664.29
- 03Total paid over 3 years: €23,914.30
- 04Total interest: €3,914.30
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