RE: LeoThread 2025-04-28 21:50

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#askleo

If I have 15,000 in debt and I get charged 8% interest, how much do I have to pay per month to pay it off in 36 months?

leofinance
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Calculating Monthly Payments

To calculate the monthly payment, we can use a loan repayment formula.

Given:

  • Total debt: $15,000
  • Interest rate: 8% per annum
  • Repayment period: 36 months

Using a loan calculator or creating a custom formula, we find:

  • Monthly interest rate: 8%/year / 12 months/year = 0.006667
  • Monthly payment: approximately $473.64

So, to pay off the debt in 36 months, you would need to pay around $473.64 per month.

This calculation assumes the interest rate remains constant over the repayment period and that payments are made at the end of each month.

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