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How to calculate monthly payments?
To calculate monthly payments, multiply your desired loan amount with the interest rate. Then multiply the product to the loan term or months to repay. Add the result to your loan amount and divide by the loan term.
50,000 x 2% (.02) = 1,000 interest per month
1000 x 12 months = 12,000 total interest
12,000 + 50,000 = 62,000 total payables
62,000 / 12 months = 5,166 monthly repayment
So you pay 5,166 per month for a 50,000 loan with 12 months repayment period at 2% interest per month. For your convenience, you can also use our loan calculator.