Finance - loan payment
What is the monthly payment on a €20,000 loan at 9% for 3 years?
Answer
€635.99
/ month
Standard amortization formula on €20,000 @ 9% / 3y
How we got there
- 01Loan amount: €20,000
- 02Monthly payment: €635.99
- 03Total paid over 3 years: €22,895.81
- 04Total interest: €2,895.81
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