Finance - loan payment
What is the monthly payment on a €20,000 loan at 7% for 10 years?
Answer
€232.22
/ month
Standard amortization formula on €20,000 @ 7% / 10y
How we got there
- 01Loan amount: €20,000
- 02Monthly payment: €232.22
- 03Total paid over 10 years: €27,866.04
- 04Total interest: €7,866.04
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