Finance - loan payment
What is the monthly payment on a €5,000 loan at 5% for 5 years?
Answer
€94.36
/ month
Standard amortization formula on €5,000 @ 5% / 5y
How we got there
- 01Loan amount: €5,000
- 02Monthly payment: €94.36
- 03Total paid over 5 years: €5,661.37
- 04Total interest: €661.37
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