$1,000 loan at 7% for 10 years
Monthly payment
$11.61/mo
Total interest
$393
Total paid back
$1,393
Term
120 payments
Borrowing $1,000 at 7% APR over 10 years (120 monthly payments) means you pay $11.61 each month. Over the full term you repay $1,393 in total — that's $393 of interest on top of the $1,000 you borrowed.
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