What is the monthly payment on a $5,000 loan at 3% for 3 years?
Answer
$145/month
Monthly payment: $145Total interest: $235Total cost: $5,23536 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$5,000, r=3%/12=0.2500%, n=36. M = $145
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Calculated using verified formulas. Last updated March 2026.