What is the monthly payment on a $20,000 loan at 4% for 5 years?
Answer
$368/month
Monthly payment: $368Total interest: $2,100Total cost: $22,10060 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$20,000, r=4%/12=0.3333%, n=60. M = $368
Related Calculations
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Calculated using verified formulas. Last updated March 2026.