What is the monthly payment on a $5,000 loan at 9% for 2 years?
Answer
$228/month
Monthly payment: $228Total interest: $482Total cost: $5,48224 monthly payments
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$5,000, r=9%/12=0.7500%, n=24. M = $228
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Calculated using verified formulas. Last updated March 2026.