What is the monthly payment on a $40,000 loan at 9% for 5 years?
Answer
$830/month
Monthly payment: $830Total interest: $9,820Total cost: $49,82060 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$40,000, r=9%/12=0.7500%, n=60. M = $830
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Calculated using verified formulas. Last updated March 2026.