Finance - loan payment
What is the monthly payment on a €5,000 loan at 12% for 3 years?
Answer
€166.07
/ month
Standard amortization formula on €5,000 @ 12% / 3y
How we got there
- 01Loan amount: €5,000
- 02Monthly payment: €166.07
- 03Total paid over 3 years: €5,978.58
- 04Total interest: €978.58
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