What is the monthly payment on a $20,000 loan at 8% for 10 years?
Answer
$243/month
Monthly payment: $243Total interest: $9,119Total cost: $29,119120 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$20,000, r=8%/12=0.6667%, n=120. M = $243
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Calculated using verified formulas. Last updated March 2026.