What is the monthly payment on a $5,000 loan at 8% for 5 years?
Answer
$101/month
Monthly payment: $101Total interest: $1,083Total cost: $6,08360 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=60. M = $101
Related Calculations
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Calculated using verified formulas. Last updated March 2026.