$15,000 loan at 6% for 5 years
Monthly payment
$289.99/mo
Total interest
$2,400
Total paid back
$17,400
Term
60 payments
Borrowing $15,000 at 6% APR over 5 years (60 monthly payments) means you pay $289.99 each month. Over the full term you repay $17,400 in total — that's $2,400 of interest on top of the $15,000 you borrowed.
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