$3,000 loan at 5% for 5 years
Monthly payment
$56.61/mo
Total interest
$397
Total paid back
$3,397
Term
60 payments
Borrowing $3,000 at 5% APR over 5 years (60 monthly payments) means you pay $56.61 each month. Over the full term you repay $3,397 in total — that's $397 of interest on top of the $3,000 you borrowed.
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