$1,000 loan at 5% for 30 years
Monthly payment
$5.37/mo
Total interest
$933
Total paid back
$1,933
Term
360 payments
Borrowing $1,000 at 5% APR over 30 years (360 monthly payments) means you pay $5.37 each month. Over the full term you repay $1,933 in total — that's $933 of interest on top of the $1,000 you borrowed.
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