$3,000 loan at 6% for 30 years
Monthly payment
$17.99/mo
Total interest
$3,475
Total paid back
$6,475
Term
360 payments
Borrowing $3,000 at 6% APR over 30 years (360 monthly payments) means you pay $17.99 each month. Over the full term you repay $6,475 in total — that's $3,475 of interest on top of the $3,000 you borrowed.