$40,000 loan at 3% for 5 years
Monthly payment
$718.75/mo
Total interest
$3,125
Total paid back
$43,125
Term
60 payments
Borrowing $40,000 at 3% APR over 5 years (60 monthly payments) means you pay $718.75 each month. Over the full term you repay $43,125 in total — that's $3,125 of interest on top of the $40,000 you borrowed.
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