Finance - loan payment
What is the monthly payment on a €5,000 loan at 9% for 5 years?
Answer
€103.79
/ month
Standard amortization formula on €5,000 @ 9% / 5y
How we got there
- 01Loan amount: €5,000
- 02Monthly payment: €103.79
- 03Total paid over 5 years: €6,227.51
- 04Total interest: €1,227.51
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