Finance - loan payment
What is the monthly payment on a €50,000 loan at 3% for 5 years?
Answer
€898.43
/ month
Standard amortization formula on €50,000 @ 3% / 5y
How we got there
- 01Loan amount: €50,000
- 02Monthly payment: €898.43
- 03Total paid over 5 years: €53,906.07
- 04Total interest: €3,906.07
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