$1,000 loan at 6% for 5 years
Monthly payment
$19.33/mo
Total interest
$160
Total paid back
$1,160
Term
60 payments
Borrowing $1,000 at 6% APR over 5 years (60 monthly payments) means you pay $19.33 each month. Over the full term you repay $1,160 in total — that's $160 of interest on top of the $1,000 you borrowed.
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