$3,000 loan at 3% for 20 years
Monthly payment
$16.64/mo
Total interest
$993
Total paid back
$3,993
Term
240 payments
Borrowing $3,000 at 3% APR over 20 years (240 monthly payments) means you pay $16.64 each month. Over the full term you repay $3,993 in total — that's $993 of interest on top of the $3,000 you borrowed.
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