$20,000 loan at 3% for 5 years
Monthly payment
$359.37/mo
Total interest
$1,562
Total paid back
$21,562
Term
60 payments
Borrowing $20,000 at 3% APR over 5 years (60 monthly payments) means you pay $359.37 each month. Over the full term you repay $21,562 in total — that's $1,562 of interest on top of the $20,000 you borrowed.
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