$3,000 loan at 7% for 5 years
Monthly payment
$59.40/mo
Total interest
$564
Total paid back
$3,564
Term
60 payments
Borrowing $3,000 at 7% APR over 5 years (60 monthly payments) means you pay $59.40 each month. Over the full term you repay $3,564 in total — that's $564 of interest on top of the $3,000 you borrowed.
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