What is the monthly payment on a $20,000 loan at 9% for 5 years?
Answer
$415/month
Monthly payment: $415Total interest: $4,910Total cost: $24,91060 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$20,000, r=9%/12=0.7500%, n=60. M = $415
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Calculated using verified formulas. Last updated March 2026.