$1,000 loan at 5% for 15 years
Monthly payment
$7.91/mo
Total interest
$423
Total paid back
$1,423
Term
180 payments
Borrowing $1,000 at 5% APR over 15 years (180 monthly payments) means you pay $7.91 each month. Over the full term you repay $1,423 in total — that's $423 of interest on top of the $1,000 you borrowed.
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