$1,000 loan at 3% for 25 years
Monthly payment
$4.74/mo
Total interest
$423
Total paid back
$1,423
Term
300 payments
Borrowing $1,000 at 3% APR over 25 years (300 monthly payments) means you pay $4.74 each month. Over the full term you repay $1,423 in total — that's $423 of interest on top of the $1,000 you borrowed.
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