$30,000 loan at 9% for 5 years
Monthly payment
$622.75/mo
Total interest
$7,365
Total paid back
$37,365
Term
60 payments
Borrowing $30,000 at 9% APR over 5 years (60 monthly payments) means you pay $622.75 each month. Over the full term you repay $37,365 in total — that's $7,365 of interest on top of the $30,000 you borrowed.
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