What is the monthly payment on a $40,000 loan at 10% for 5 years?
Answer
$850/month
Monthly payment: $850Total interest: $10,993Total cost: $50,99360 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$40,000, r=10%/12=0.8333%, n=60. M = $850
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Calculated using verified formulas. Last updated March 2026.