Finance - loan payment
What is the monthly payment on a €20,000 loan at 7% for 5 years?
Answer
€396.02
/ month
Standard amortization formula on €20,000 @ 7% / 5y
How we got there
- 01Loan amount: €20,000
- 02Monthly payment: €396.02
- 03Total paid over 5 years: €23,761.44
- 04Total interest: €3,761.44
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