What is the monthly payment on a $15,000 loan at 15% for 5 years?
Answer
$357/month
Monthly payment: $357Total interest: $6,411Total cost: $21,41160 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=60. M = $357
Related Calculations
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Calculated using verified formulas. Last updated March 2026.