$1,000 loan at 9% for 25 years
Monthly payment
$8.39/mo
Total interest
$1,518
Total paid back
$2,518
Term
300 payments
Borrowing $1,000 at 9% APR over 25 years (300 monthly payments) means you pay $8.39 each month. Over the full term you repay $2,518 in total — that's $1,518 of interest on top of the $1,000 you borrowed.
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