$100,000 loan at 8% for 5 years
Monthly payment
$2,027.64/mo
Total interest
$21,658
Total paid back
$121,658
Term
60 payments
Borrowing $100,000 at 8% APR over 5 years (60 monthly payments) means you pay $2,027.64 each month. Over the full term you repay $121,658 in total — that's $21,658 of interest on top of the $100,000 you borrowed.
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