$1,000 loan at 4% for 7 years
Monthly payment
$13.67/mo
Total interest
$148
Total paid back
$1,148
Term
84 payments
Borrowing $1,000 at 4% APR over 7 years (84 monthly payments) means you pay $13.67 each month. Over the full term you repay $1,148 in total — that's $148 of interest on top of the $1,000 you borrowed.
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