$1,000 loan at 8% for 3 years
Monthly payment
$31.34/mo
Total interest
$128
Total paid back
$1,128
Term
36 payments
Borrowing $1,000 at 8% APR over 3 years (36 monthly payments) means you pay $31.34 each month. Over the full term you repay $1,128 in total — that's $128 of interest on top of the $1,000 you borrowed.
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