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Loan Payment worksheet

Grades 11–12 · CCSS HSA.SSE.B.4

Solve each problem and show your work. Round answers to 2 decimal places where needed.

1.
Problem 1.
- Loan amount: $22,500
- Annual interest rate (APR): 8%
- Loan term: 5 years
- Loan start date: Feb 15, 2027
Find: Monthly payment
Answer
2.
Problem 2.
- Loan amount: $22,000
- Annual interest rate (APR): 5.5%
- Loan term: 5 years
- Loan start date: Aug 17, 2026
Find: Monthly payment
Answer
3.
Problem 3.
- Loan amount: $17,000
- Annual interest rate (APR): 7.4%
- Loan term: 6 years
- Loan start date: Feb 21, 2026
Find: Monthly payment
Answer
4.
Problem 4.
- Loan amount: $26,000
- Annual interest rate (APR): 8%
- Loan term: 3 years
- Loan start date: Aug 27, 2025
Find: Monthly payment
Answer
5.
Problem 5.
- Loan amount: $20,000
- Annual interest rate (APR): 5.7%
- Loan term: 6 years
- Loan start date: Nov 4, 2026
Find: Monthly payment
Answer
6.
Problem 6.
- Loan amount: $30,000
- Annual interest rate (APR): 8%
- Loan term: 7 years
- Loan start date: Dec 16, 2026
Find: Monthly payment
Answer
7.
Problem 7.
- Loan amount: $29,000
- Annual interest rate (APR): 8%
- Loan term: 10 years
- Loan start date: Jun 28, 2026
Find: Monthly payment
Answer
8.
Problem 8.
- Loan amount: $28,000
- Annual interest rate (APR): 7%
- Loan term: 5 years
- Loan start date: Aug 27, 2025
Find: Monthly payment
Answer
9.
Problem 9.
- Loan amount: $27,000
- Annual interest rate (APR): 8%
- Loan term: 4 years
- Loan start date: Nov 26, 2026
Find: Monthly payment
Answer
10.
Problem 10.
- Loan amount: $22,000
- Annual interest rate (APR): 4.8%
- Loan term: 4 years
- Loan start date: Jun 4, 2026
Find: Monthly payment
Answer

Answer key: Loan Payment worksheet

1. Monthly payment: $456.22
1. Count your monthly payments (n): 12 for each year of the loan
  $n$ $= 5 \times 12$ $= 60$
2. Turn the yearly rate into a monthly rate (i) by dividing by 12, because interest is charged every month
  $i$ $= \frac{0.08}{12}$ $= 0.00666667$
3. Find the monthly payment. A standard formula gives the one amount that pays off the loan, with interest, in n months
  $\frac{$22,500.00 \times 0.00666667}{1 - {(1 + 0.00666667)}^{−60}}$ $= $456.22$
4. Find the total interest: everything you pay over the loan, minus what you borrowed
  $$456.22 \times 60 - $22,500.00$ $= $4,873.13$
2. Monthly payment: $420.23
1. Count your monthly payments (n): 12 for each year of the loan
  $n$ $= 5 \times 12$ $= 60$
2. Turn the yearly rate into a monthly rate (i) by dividing by 12, because interest is charged every month
  $i$ $= \frac{0.055}{12}$ $= 0.00458333$
3. Find the monthly payment. A standard formula gives the one amount that pays off the loan, with interest, in n months
  $\frac{$22,000.00 \times 0.00458333}{1 - {(1 + 0.00458333)}^{−60}}$ $= $420.23$
4. Find the total interest: everything you pay over the loan, minus what you borrowed
  $$420.23 \times 60 - $22,000.00$ $= $3,213.53$
3. Monthly payment: $293.11
1. Count your monthly payments (n): 12 for each year of the loan
  $n$ $= 6 \times 12$ $= 72$
2. Turn the yearly rate into a monthly rate (i) by dividing by 12, because interest is charged every month
  $i$ $= \frac{0.074}{12}$ $= 0.00616667$
3. Find the monthly payment. A standard formula gives the one amount that pays off the loan, with interest, in n months
  $\frac{$17,000.00 \times 0.00616667}{1 - {(1 + 0.00616667)}^{−72}}$ $= $293.11$
4. Find the total interest: everything you pay over the loan, minus what you borrowed
  $$293.11 \times 72 - $17,000.00$ $= $4,103.88$
4. Monthly payment: $814.75
1. Count your monthly payments (n): 12 for each year of the loan
  $n$ $= 3 \times 12$ $= 36$
2. Turn the yearly rate into a monthly rate (i) by dividing by 12, because interest is charged every month
  $i$ $= \frac{0.08}{12}$ $= 0.00666667$
3. Find the monthly payment. A standard formula gives the one amount that pays off the loan, with interest, in n months
  $\frac{$26,000.00 \times 0.00666667}{1 - {(1 + 0.00666667)}^{−36}}$ $= $814.75$
4. Find the total interest: everything you pay over the loan, minus what you borrowed
  $$814.75 \times 36 - $26,000.00$ $= $3,330.84$
5. Monthly payment: $328.63
1. Count your monthly payments (n): 12 for each year of the loan
  $n$ $= 6 \times 12$ $= 72$
2. Turn the yearly rate into a monthly rate (i) by dividing by 12, because interest is charged every month
  $i$ $= \frac{0.057}{12}$ $= 0.00475$
3. Find the monthly payment. A standard formula gives the one amount that pays off the loan, with interest, in n months
  $\frac{$20,000.00 \times 0.00475}{1 - {(1 + 0.00475)}^{−72}}$ $= $328.63$
4. Find the total interest: everything you pay over the loan, minus what you borrowed
  $$328.63 \times 72 - $20,000.00$ $= $3,661.56$
6. Monthly payment: $467.59
1. Count your monthly payments (n): 12 for each year of the loan
  $n$ $= 7 \times 12$ $= 84$
2. Turn the yearly rate into a monthly rate (i) by dividing by 12, because interest is charged every month
  $i$ $= \frac{0.08}{12}$ $= 0.00666667$
3. Find the monthly payment. A standard formula gives the one amount that pays off the loan, with interest, in n months
  $\frac{$30,000.00 \times 0.00666667}{1 - {(1 + 0.00666667)}^{−84}}$ $= $467.59$
4. Find the total interest: everything you pay over the loan, minus what you borrowed
  $$467.59 \times 84 - $30,000.00$ $= $9,277.26$
7. Monthly payment: $351.85
1. Count your monthly payments (n): 12 for each year of the loan
  $n$ $= 10 \times 12$ $= 120$
2. Turn the yearly rate into a monthly rate (i) by dividing by 12, because interest is charged every month
  $i$ $= \frac{0.08}{12}$ $= 0.00666667$
3. Find the monthly payment. A standard formula gives the one amount that pays off the loan, with interest, in n months
  $\frac{$29,000.00 \times 0.00666667}{1 - {(1 + 0.00666667)}^{−120}}$ $= $351.85$
4. Find the total interest: everything you pay over the loan, minus what you borrowed
  $$351.85 \times 120 - $29,000.00$ $= $13,222.00$
8. Monthly payment: $554.43
1. Count your monthly payments (n): 12 for each year of the loan
  $n$ $= 5 \times 12$ $= 60$
2. Turn the yearly rate into a monthly rate (i) by dividing by 12, because interest is charged every month
  $i$ $= \frac{0.07}{12}$ $= 0.00583333$
3. Find the monthly payment. A standard formula gives the one amount that pays off the loan, with interest, in n months
  $\frac{$28,000.00 \times 0.00583333}{1 - {(1 + 0.00583333)}^{−60}}$ $= $554.43$
4. Find the total interest: everything you pay over the loan, minus what you borrowed
  $$554.43 \times 60 - $28,000.00$ $= $5,266.01$
9. Monthly payment: $659.15
1. Count your monthly payments (n): 12 for each year of the loan
  $n$ $= 4 \times 12$ $= 48$
2. Turn the yearly rate into a monthly rate (i) by dividing by 12, because interest is charged every month
  $i$ $= \frac{0.08}{12}$ $= 0.00666667$
3. Find the monthly payment. A standard formula gives the one amount that pays off the loan, with interest, in n months
  $\frac{$27,000.00 \times 0.00666667}{1 - {(1 + 0.00666667)}^{−48}}$ $= $659.15$
4. Find the total interest: everything you pay over the loan, minus what you borrowed
  $$659.15 \times 48 - $27,000.00$ $= $4,639.15$
10. Monthly payment: $504.65
1. Count your monthly payments (n): 12 for each year of the loan
  $n$ $= 4 \times 12$ $= 48$
2. Turn the yearly rate into a monthly rate (i) by dividing by 12, because interest is charged every month
  $i$ $= \frac{0.048}{12}$ $= 0.004$
3. Find the monthly payment. A standard formula gives the one amount that pays off the loan, with interest, in n months
  $\frac{$22,000.00 \times 0.004}{1 - {(1 + 0.004)}^{−48}}$ $= $504.65$
4. Find the total interest: everything you pay over the loan, minus what you borrowed
  $$504.65 \times 48 - $22,000.00$ $= $2,223.38$