What is the monthly payment on a $15,000 loan at 7% for 3 years?
Answer
$463/month
Monthly payment: $463Total interest: $1,674Total cost: $16,67436 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=36. M = $463
Related Calculations
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Calculated using verified formulas. Last updated March 2026.