What is the monthly payment on a $5,000 loan at 8% for 2 years?
Answer
$226/month
Monthly payment: $226Total interest: $427Total cost: $5,42724 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$5,000, r=8%/12=0.6667%, n=24. M = $226
Related Calculations
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Calculated using verified formulas. Last updated March 2026.