$2,000 loan at 9% for 20 years
Monthly payment
$17.99/mo
Total interest
$2,319
Total paid back
$4,319
Term
240 payments
Borrowing $2,000 at 9% APR over 20 years (240 monthly payments) means you pay $17.99 each month. Over the full term you repay $4,319 in total — that's $2,319 of interest on top of the $2,000 you borrowed.
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