$3,000 loan at 4% for 3 years
Monthly payment
$88.57/mo
Total interest
$189
Total paid back
$3,189
Term
36 payments
Borrowing $3,000 at 4% APR over 3 years (36 monthly payments) means you pay $88.57 each month. Over the full term you repay $3,189 in total — that's $189 of interest on top of the $3,000 you borrowed.
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