What is the monthly payment on a $5,000 loan at 3% for 5 years?
Answer
$90/month
Monthly payment: $90Total interest: $391Total cost: $5,39160 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=60. M = $90
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Calculated using verified formulas. Last updated March 2026.