$1,000 loan at 3% for 3 years
Monthly payment
$29.08/mo
Total interest
$47
Total paid back
$1,047
Term
36 payments
Borrowing $1,000 at 3% APR over 3 years (36 monthly payments) means you pay $29.08 each month. Over the full term you repay $1,047 in total — that's $47 of interest on top of the $1,000 you borrowed.
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