$1,000 loan at 9% for 5 years
Monthly payment
$20.76/mo
Total interest
$246
Total paid back
$1,246
Term
60 payments
Borrowing $1,000 at 9% APR over 5 years (60 monthly payments) means you pay $20.76 each month. Over the full term you repay $1,246 in total — that's $246 of interest on top of the $1,000 you borrowed.
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