What is the monthly payment on a $40,000 loan at 12% for 5 years?
Answer
$890/month
Monthly payment: $890Total interest: $13,387Total cost: $53,38760 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$40,000, r=12%/12=1.0000%, n=60. M = $890
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Calculated using verified formulas. Last updated March 2026.