What is the monthly payment on a $20,000 loan at 15% for 2 years?
Answer
$970/month
Monthly payment: $970Total interest: $3,274Total cost: $23,27424 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$20,000, r=15%/12=1.2500%, n=24. M = $970
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Calculated using verified formulas. Last updated March 2026.