Finance - loan payment
What is the monthly payment on a €5,000 loan at 7% for 20 years?
Answer
€38.76
/ month
Standard amortization formula on €5,000 @ 7% / 20y
How we got there
- 01Loan amount: €5,000
- 02Monthly payment: €38.76
- 03Total paid over 20 years: €9,303.59
- 04Total interest: €4,303.59
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