Finance - loan payment
What is the monthly payment on a €5,000 loan at 7% for 10 years?
Answer
€58.05
/ month
Standard amortization formula on €5,000 @ 7% / 10y
How we got there
- 01Loan amount: €5,000
- 02Monthly payment: €58.05
- 03Total paid over 10 years: €6,966.51
- 04Total interest: €1,966.51
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