$40,000 loan at 5% for 5 years
Monthly payment
$754.85/mo
Total interest
$5,291
Total paid back
$45,291
Term
60 payments
Borrowing $40,000 at 5% APR over 5 years (60 monthly payments) means you pay $754.85 each month. Over the full term you repay $45,291 in total — that's $5,291 of interest on top of the $40,000 you borrowed.
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