$1,000 loan at 5% for 20 years
Monthly payment
$6.60/mo
Total interest
$584
Total paid back
$1,584
Term
240 payments
Borrowing $1,000 at 5% APR over 20 years (240 monthly payments) means you pay $6.60 each month. Over the full term you repay $1,584 in total — that's $584 of interest on top of the $1,000 you borrowed.
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