$1,000 loan at 9% for 15 years
Monthly payment
$10.14/mo
Total interest
$826
Total paid back
$1,826
Term
180 payments
Borrowing $1,000 at 9% APR over 15 years (180 monthly payments) means you pay $10.14 each month. Over the full term you repay $1,826 in total — that's $826 of interest on top of the $1,000 you borrowed.
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