$1,000,000 loan at 9% for 5 years
Monthly payment
$20,758.36/mo
Total interest
$245,501
Total paid back
$1,245,501
Term
60 payments
Borrowing $1,000,000 at 9% APR over 5 years (60 monthly payments) means you pay $20,758.36 each month. Over the full term you repay $1,245,501 in total — that's $245,501 of interest on top of the $1,000,000 you borrowed.
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