$3,000 loan at 8% for 10 years
Monthly payment
$36.40/mo
Total interest
$1,368
Total paid back
$4,368
Term
120 payments
Borrowing $3,000 at 8% APR over 10 years (120 monthly payments) means you pay $36.40 each month. Over the full term you repay $4,368 in total — that's $1,368 of interest on top of the $3,000 you borrowed.
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