What is the monthly payment on a $100,000 loan at 6% for 3 years?
Answer
$3,042/month
Monthly payment: $3,042Total interest: $9,519Total cost: $109,51936 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$100,000, r=6%/12=0.5000%, n=36. M = $3,042
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Calculated using verified formulas. Last updated March 2026.