$2,000 loan at 8% for 7 years
Monthly payment
$31.17/mo
Total interest
$618
Total paid back
$2,618
Term
84 payments
Borrowing $2,000 at 8% APR over 7 years (84 monthly payments) means you pay $31.17 each month. Over the full term you repay $2,618 in total — that's $618 of interest on top of the $2,000 you borrowed.
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