$1,000 loan at 3% for 30 years
Monthly payment
$4.22/mo
Total interest
$518
Total paid back
$1,518
Term
360 payments
Borrowing $1,000 at 3% APR over 30 years (360 monthly payments) means you pay $4.22 each month. Over the full term you repay $1,518 in total — that's $518 of interest on top of the $1,000 you borrowed.
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