What is the monthly payment on a $40,000 loan at 5% for 5 years?
Answer
$755/month
Monthly payment: $755Total interest: $5,291Total cost: $45,29160 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$40,000, r=5%/12=0.4167%, n=60. M = $755
Related Calculations
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Calculated using verified formulas. Last updated March 2026.