What is the monthly payment on a $5,000 loan at 6% for 3 years?
Answer
$152/month
Monthly payment: $152Total interest: $476Total cost: $5,47636 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$5,000, r=6%/12=0.5000%, n=36. M = $152
Related Calculations
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Calculated using verified formulas. Last updated March 2026.