$1,000 loan at 10% for 20 years
Monthly payment
$9.65/mo
Total interest
$1,316
Total paid back
$2,316
Term
240 payments
Borrowing $1,000 at 10% APR over 20 years (240 monthly payments) means you pay $9.65 each month. Over the full term you repay $2,316 in total — that's $1,316 of interest on top of the $1,000 you borrowed.
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