$15,000 loan at 8% for 5 years
Monthly payment
$304.15/mo
Total interest
$3,249
Total paid back
$18,249
Term
60 payments
Borrowing $15,000 at 8% APR over 5 years (60 monthly payments) means you pay $304.15 each month. Over the full term you repay $18,249 in total — that's $3,249 of interest on top of the $15,000 you borrowed.
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