$3,000 loan at 6% for 5 years
Monthly payment
$58.00/mo
Total interest
$480
Total paid back
$3,480
Term
60 payments
Borrowing $3,000 at 6% APR over 5 years (60 monthly payments) means you pay $58.00 each month. Over the full term you repay $3,480 in total — that's $480 of interest on top of the $3,000 you borrowed.
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