$1,000 loan at 5% for 3 years
Monthly payment
$29.97/mo
Total interest
$79
Total paid back
$1,079
Term
36 payments
Borrowing $1,000 at 5% APR over 3 years (36 monthly payments) means you pay $29.97 each month. Over the full term you repay $1,079 in total — that's $79 of interest on top of the $1,000 you borrowed.
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