$1,000 loan at 10% for 30 years
Monthly payment
$8.78/mo
Total interest
$2,159
Total paid back
$3,159
Term
360 payments
Borrowing $1,000 at 10% APR over 30 years (360 monthly payments) means you pay $8.78 each month. Over the full term you repay $3,159 in total — that's $2,159 of interest on top of the $1,000 you borrowed.
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