What is the monthly payment on a $30,000 loan at 8% for 10 years?
Answer
$364/month
Monthly payment: $364Total interest: $13,678Total cost: $43,678120 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$30,000, r=8%/12=0.6667%, n=120. M = $364
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Calculated using verified formulas. Last updated March 2026.