$2,000 loan at 7% for 30 years
Monthly payment
$13.31/mo
Total interest
$2,790
Total paid back
$4,790
Term
360 payments
Borrowing $2,000 at 7% APR over 30 years (360 monthly payments) means you pay $13.31 each month. Over the full term you repay $4,790 in total — that's $2,790 of interest on top of the $2,000 you borrowed.
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