Finance - loan payment
What is the monthly payment on a €5,000 loan at 7% for 5 years?
Answer
€99.01
/ month
Standard amortization formula on €5,000 @ 7% / 5y
How we got there
- 01Loan amount: €5,000
- 02Monthly payment: €99.01
- 03Total paid over 5 years: €5,940.36
- 04Total interest: €940.36
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