Finance - loan payment
What is the monthly payment on a €5,000 loan at 5% for 10 years?
Answer
€53.03
/ month
Standard amortization formula on €5,000 @ 5% / 10y
How we got there
- 01Loan amount: €5,000
- 02Monthly payment: €53.03
- 03Total paid over 10 years: €6,363.93
- 04Total interest: €1,363.93
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