What is the monthly payment on a $15,000 loan at 7% for 2 years?
Answer
$672/month
Monthly payment: $672Total interest: $1,118Total cost: $16,11824 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$15,000, r=7%/12=0.5833%, n=24. M = $672
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Calculated using verified formulas. Last updated March 2026.