$1,000 loan at 3% for 10 years
Monthly payment
$9.66/mo
Total interest
$159
Total paid back
$1,159
Term
120 payments
Borrowing $1,000 at 3% APR over 10 years (120 monthly payments) means you pay $9.66 each month. Over the full term you repay $1,159 in total — that's $159 of interest on top of the $1,000 you borrowed.
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