$1,000 loan at 8% for 20 years
Monthly payment
$8.36/mo
Total interest
$1,007
Total paid back
$2,007
Term
240 payments
Borrowing $1,000 at 8% APR over 20 years (240 monthly payments) means you pay $8.36 each month. Over the full term you repay $2,007 in total — that's $1,007 of interest on top of the $1,000 you borrowed.
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