RE: LeoThread 2025-04-28 21:50

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.