$20,000 loan at 6% for 5 years
Monthly payment
$386.66/mo
Total interest
$3,199
Total paid back
$23,199
Term
60 payments
Borrowing $20,000 at 6% APR over 5 years (60 monthly payments) means you pay $386.66 each month. Over the full term you repay $23,199 in total — that's $3,199 of interest on top of the $20,000 you borrowed.
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