What is the monthly payment on a $20,000 loan at 6% for 3 years?
Answer
$608/month
Monthly payment: $608Total interest: $1,904Total cost: $21,90436 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$20,000, r=6%/12=0.5000%, n=36. M = $608
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Calculated using verified formulas. Last updated March 2026.