$10,000 loan at 5% for 3 years
Monthly payment
$299.71/mo
Total interest
$790
Total paid back
$10,790
Term
36 payments
Borrowing $10,000 at 5% APR over 3 years (36 monthly payments) means you pay $299.71 each month. Over the full term you repay $10,790 in total — that's $790 of interest on top of the $10,000 you borrowed.
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