What is the monthly payment on a $15,000 loan at 8% for 4 years?
Answer
$366/month
Monthly payment: $366Total interest: $2,577Total cost: $17,57748 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$15,000, r=8%/12=0.6667%, n=48. M = $366
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Calculated using verified formulas. Last updated March 2026.