$3,000 loan at 3% for 30 years
Monthly payment
$12.65/mo
Total interest
$1,553
Total paid back
$4,553
Term
360 payments
Borrowing $3,000 at 3% APR over 30 years (360 monthly payments) means you pay $12.65 each month. Over the full term you repay $4,553 in total — that's $1,553 of interest on top of the $3,000 you borrowed.