$1,000 loan at 6% for 30 years
Monthly payment
$6.00/mo
Total interest
$1,158
Total paid back
$2,158
Term
360 payments
Borrowing $1,000 at 6% APR over 30 years (360 monthly payments) means you pay $6.00 each month. Over the full term you repay $2,158 in total — that's $1,158 of interest on top of the $1,000 you borrowed.
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