What is the monthly payment on a $5,000 loan at 6% for 5 years?
Answer
$97/month
Monthly payment: $97Total interest: $800Total cost: $5,80060 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=60. M = $97
Related Calculations
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Calculated using verified formulas. Last updated March 2026.