$1,000 loan at 6% for 10 years
Monthly payment
$11.10/mo
Total interest
$332
Total paid back
$1,332
Term
120 payments
Borrowing $1,000 at 6% APR over 10 years (120 monthly payments) means you pay $11.10 each month. Over the full term you repay $1,332 in total — that's $332 of interest on top of the $1,000 you borrowed.
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