$1,000 loan at 4% for 30 years
Monthly payment
$4.77/mo
Total interest
$719
Total paid back
$1,719
Term
360 payments
Borrowing $1,000 at 4% APR over 30 years (360 monthly payments) means you pay $4.77 each month. Over the full term you repay $1,719 in total — that's $719 of interest on top of the $1,000 you borrowed.
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