What is the monthly payment on a $10,000 loan at 7% for 10 years?
Answer
$116/month
Monthly payment: $116Total interest: $3,933Total cost: $13,933120 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$10,000, r=7%/12=0.5833%, n=120. M = $116
Related Calculations
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Calculated using verified formulas. Last updated March 2026.