$3,000 loan at 7% for 20 years
Monthly payment
$23.26/mo
Total interest
$2,582
Total paid back
$5,582
Term
240 payments
Borrowing $3,000 at 7% APR over 20 years (240 monthly payments) means you pay $23.26 each month. Over the full term you repay $5,582 in total — that's $2,582 of interest on top of the $3,000 you borrowed.
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