$20,000 loan at 5% for 5 years
Monthly payment
$377.42/mo
Total interest
$2,645
Total paid back
$22,645
Term
60 payments
Borrowing $20,000 at 5% APR over 5 years (60 monthly payments) means you pay $377.42 each month. Over the full term you repay $22,645 in total — that's $2,645 of interest on top of the $20,000 you borrowed.
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