$3,000 loan at 7% for 25 years
Monthly payment
$21.20/mo
Total interest
$3,361
Total paid back
$6,361
Term
300 payments
Borrowing $3,000 at 7% APR over 25 years (300 monthly payments) means you pay $21.20 each month. Over the full term you repay $6,361 in total — that's $3,361 of interest on top of the $3,000 you borrowed.
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