$1,000 loan at 6% for 25 years
Monthly payment
$6.44/mo
Total interest
$933
Total paid back
$1,933
Term
300 payments
Borrowing $1,000 at 6% APR over 25 years (300 monthly payments) means you pay $6.44 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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