$2,000 loan at 8% for 20 years
Monthly payment
$16.73/mo
Total interest
$2,015
Total paid back
$4,015
Term
240 payments
Borrowing $2,000 at 8% APR over 20 years (240 monthly payments) means you pay $16.73 each month. Over the full term you repay $4,015 in total — that's $2,015 of interest on top of the $2,000 you borrowed.
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