$1,000 loan at 5% for 25 years
Monthly payment
$5.85/mo
Total interest
$754
Total paid back
$1,754
Term
300 payments
Borrowing $1,000 at 5% APR over 25 years (300 monthly payments) means you pay $5.85 each month. Over the full term you repay $1,754 in total — that's $754 of interest on top of the $1,000 you borrowed.
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