$1,000 loan at 8% for 30 years
Monthly payment
$7.34/mo
Total interest
$1,642
Total paid back
$2,642
Term
360 payments
Borrowing $1,000 at 8% APR over 30 years (360 monthly payments) means you pay $7.34 each month. Over the full term you repay $2,642 in total — that's $1,642 of interest on top of the $1,000 you borrowed.
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