Finance - loan payment
What is the monthly payment on a €5,000 loan at 5% for 20 years?
Answer
€33.00
/ month
Standard amortization formula on €5,000 @ 5% / 20y
How we got there
- 01Loan amount: €5,000
- 02Monthly payment: €33.00
- 03Total paid over 20 years: €7,919.47
- 04Total interest: €2,919.47
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