$2,000 loan at 9% for 10 years
Monthly payment
$25.34/mo
Total interest
$1,040
Total paid back
$3,040
Term
120 payments
Borrowing $2,000 at 9% APR over 10 years (120 monthly payments) means you pay $25.34 each month. Over the full term you repay $3,040 in total — that's $1,040 of interest on top of the $2,000 you borrowed.
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