$40,000 loan at 9% for 5 years
Monthly payment
$830.33/mo
Total interest
$9,820
Total paid back
$49,820
Term
60 payments
Borrowing $40,000 at 9% APR over 5 years (60 monthly payments) means you pay $830.33 each month. Over the full term you repay $49,820 in total — that's $9,820 of interest on top of the $40,000 you borrowed.
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