$20,000 loan at 6% for 3 years
Monthly payment
$608.44/mo
Total interest
$1,904
Total paid back
$21,904
Term
36 payments
Borrowing $20,000 at 6% APR over 3 years (36 monthly payments) means you pay $608.44 each month. Over the full term you repay $21,904 in total — that's $1,904 of interest on top of the $20,000 you borrowed.
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