$3,000 loan at 5% for 7 years
Monthly payment
$42.40/mo
Total interest
$562
Total paid back
$3,562
Term
84 payments
Borrowing $3,000 at 5% APR over 7 years (84 monthly payments) means you pay $42.40 each month. Over the full term you repay $3,562 in total — that's $562 of interest on top of the $3,000 you borrowed.
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