What is the monthly payment on a $30,000 loan at 7% for 10 years?
Answer
$348/month
Monthly payment: $348Total interest: $11,799Total cost: $41,799120 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$30,000, r=7%/12=0.5833%, n=120. M = $348
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Calculated using verified formulas. Last updated March 2026.