Finance - loan payment
What is the monthly payment on a €20,000 loan at 5% for 3 years?
Answer
€599.42
/ month
Standard amortization formula on €20,000 @ 5% / 3y
How we got there
- 01Loan amount: €20,000
- 02Monthly payment: €599.42
- 03Total paid over 3 years: €21,579.05
- 04Total interest: €1,579.05
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