$1,000 loan at 7% for 25 years
Monthly payment
$7.07/mo
Total interest
$1,120
Total paid back
$2,120
Term
300 payments
Borrowing $1,000 at 7% APR over 25 years (300 monthly payments) means you pay $7.07 each month. Over the full term you repay $2,120 in total — that's $1,120 of interest on top of the $1,000 you borrowed.
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