$1,000 loan at 7% for 5 years
Monthly payment
$19.80/mo
Total interest
$188
Total paid back
$1,188
Term
60 payments
Borrowing $1,000 at 7% APR over 5 years (60 monthly payments) means you pay $19.80 each month. Over the full term you repay $1,188 in total — that's $188 of interest on top of the $1,000 you borrowed.
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