$2,000 loan at 6% for 25 years
Monthly payment
$12.89/mo
Total interest
$1,866
Total paid back
$3,866
Term
300 payments
Borrowing $2,000 at 6% APR over 25 years (300 monthly payments) means you pay $12.89 each month. Over the full term you repay $3,866 in total — that's $1,866 of interest on top of the $2,000 you borrowed.
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