Finance - loan payment
What is the monthly payment on a €20,000 loan at 9% for 5 years?
Answer
€415.17
/ month
Standard amortization formula on €20,000 @ 9% / 5y
How we got there
- 01Loan amount: €20,000
- 02Monthly payment: €415.17
- 03Total paid over 5 years: €24,910.03
- 04Total interest: €4,910.03
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