Finance - loan payment
What is the monthly payment on a €20,000 loan at 5% for 20 years?
Answer
€131.99
/ month
Standard amortization formula on €20,000 @ 5% / 20y
How we got there
- 01Loan amount: €20,000
- 02Monthly payment: €131.99
- 03Total paid over 20 years: €31,677.88
- 04Total interest: €11,677.88
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