Finance - loan payment
What is the monthly payment on a €5,000 loan at 12% for 20 years?
Answer
€55.05
/ month
Standard amortization formula on €5,000 @ 12% / 20y
How we got there
- 01Loan amount: €5,000
- 02Monthly payment: €55.05
- 03Total paid over 20 years: €13,213.03
- 04Total interest: €8,213.03
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