$1,000 loan at 3% for 7 years
Monthly payment
$13.21/mo
Total interest
$110
Total paid back
$1,110
Term
84 payments
Borrowing $1,000 at 3% APR over 7 years (84 monthly payments) means you pay $13.21 each month. Over the full term you repay $1,110 in total — that's $110 of interest on top of the $1,000 you borrowed.
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