What is the monthly payment on a $15,000 loan at 15% for 10 years?
Answer
$242/month
Monthly payment: $242Total interest: $14,040Total cost: $29,040120 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$15,000, r=15%/12=1.2500%, n=120. M = $242
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Calculated using verified formulas. Last updated March 2026.