$3,000 loan at 5% for 10 years
Monthly payment
$31.82/mo
Total interest
$818
Total paid back
$3,818
Term
120 payments
Borrowing $3,000 at 5% APR over 10 years (120 monthly payments) means you pay $31.82 each month. Over the full term you repay $3,818 in total — that's $818 of interest on top of the $3,000 you borrowed.
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