## How much would a monthly payment be on a 5000 loan?

In another scenario, the \$10,000 loan balance and five-year loan term stay the same, but the APR is adjusted, resulting in a change in the monthly loan payment amount….How your loan term and APR affect personal loan payments.

Your payments on a \$5,000 personal loan
Monthly payments \$156 \$101
Interest paid \$610 \$1,030

Is a 5000 loan a lot?

Amount. A \$5,000 personal loan might seem like a lot of money, but most lenders will go higher. The upper limit for many lenders is \$35,000, but many will lend up to \$50,000 or \$100,000 — since some people take out larger loan amounts to consolidate credit card debt or pay off other high-interest debt.

### Can I borrow 5000 from the bank?

Most major lenders offer \$5,000 loans, though approval depends on the borrower’s credit history and ability to pay. Some of the best lenders for a \$5,000 loan include LightStream and SoFi, which offer \$0 origination fees, the chance for very low APRs, and loan amounts ranging from \$5,000 to \$100,000.

What is the formula to calculate monthly payments on a loan?

To calculate the monthly payment, convert percentages to decimal format, then follow the formula:

1. a: 100,000, the amount of the loan.
2. r: 0.005 (6% annual rate—expressed as 0.06—divided by 12 monthly payments per year)
3. n: 360 (12 monthly payments per year times 30 years)

#### How much personal loan I can get if my salary is 50000?

However, if you are deliberating on the loan amount with how much loan I can get on a 60,000 salary, the approved amount should be close to Rs. 16.20 lakhs….Multiplier Method.

Salary Expected Personal Loan Amount
Rs. 30,000 Rs. 8.10 lakhs
Rs. 40,000 Rs. 10.80 lakhs
Rs. 50,000 Rs. 13.50 lakhs
Rs. 60,000 Rs. 16.20 lakhs