$2,000 loan at 5% for 7 years
Monthly payment
$28.27/mo
Total interest
$374
Total paid back
$2,374
Term
84 payments
Borrowing $2,000 at 5% APR over 7 years (84 monthly payments) means you pay $28.27 each month. Over the full term you repay $2,374 in total — that's $374 of interest on top of the $2,000 you borrowed.
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