$5,000 loan at 5% for 5 years
Monthly payment
$94.36/mo
Total interest
$661
Total paid back
$5,661
Term
60 payments
Borrowing $5,000 at 5% APR over 5 years (60 monthly payments) means you pay $94.36 each month. Over the full term you repay $5,661 in total — that's $661 of interest on top of the $5,000 you borrowed.
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