$3,000 loan at 7% for 10 years
Monthly payment
$34.83/mo
Total interest
$1,180
Total paid back
$4,180
Term
120 payments
Borrowing $3,000 at 7% APR over 10 years (120 monthly payments) means you pay $34.83 each month. Over the full term you repay $4,180 in total — that's $1,180 of interest on top of the $3,000 you borrowed.
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