$2,000 loan at 6% for 10 years
Monthly payment
$22.20/mo
Total interest
$664
Total paid back
$2,664
Term
120 payments
Borrowing $2,000 at 6% APR over 10 years (120 monthly payments) means you pay $22.20 each month. Over the full term you repay $2,664 in total — that's $664 of interest on top of the $2,000 you borrowed.
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