$3,000 loan at 9% for 20 years
Monthly payment
$26.99/mo
Total interest
$3,478
Total paid back
$6,478
Term
240 payments
Borrowing $3,000 at 9% APR over 20 years (240 monthly payments) means you pay $26.99 each month. Over the full term you repay $6,478 in total — that's $3,478 of interest on top of the $3,000 you borrowed.
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