What is the monthly payment on a $20,000 loan at 10% for 3 years?
Answer
$645/month
Monthly payment: $645Total interest: $3,232Total cost: $23,23236 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$20,000, r=10%/12=0.8333%, n=36. M = $645
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Calculated using verified formulas. Last updated March 2026.