$3,000 loan at 6% for 20 years
Monthly payment
$21.49/mo
Total interest
$2,158
Total paid back
$5,158
Term
240 payments
Borrowing $3,000 at 6% APR over 20 years (240 monthly payments) means you pay $21.49 each month. Over the full term you repay $5,158 in total — that's $2,158 of interest on top of the $3,000 you borrowed.
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