$1,000 loan at 7% for 3 years
Monthly payment
$30.88/mo
Total interest
$112
Total paid back
$1,112
Term
36 payments
Borrowing $1,000 at 7% APR over 3 years (36 monthly payments) means you pay $30.88 each month. Over the full term you repay $1,112 in total — that's $112 of interest on top of the $1,000 you borrowed.
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