$2,000 loan at 7% for 3 years
Monthly payment
$61.75/mo
Total interest
$223
Total paid back
$2,223
Term
36 payments
Borrowing $2,000 at 7% APR over 3 years (36 monthly payments) means you pay $61.75 each month. Over the full term you repay $2,223 in total — that's $223 of interest on top of the $2,000 you borrowed.
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