$1,000 loan at 5% for 7 years
Monthly payment
$14.13/mo
Total interest
$187
Total paid back
$1,187
Term
84 payments
Borrowing $1,000 at 5% APR over 7 years (84 monthly payments) means you pay $14.13 each month. Over the full term you repay $1,187 in total — that's $187 of interest on top of the $1,000 you borrowed.
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