$5,000 loan at 6% for 20 years
Monthly payment
$35.82/mo
Total interest
$3,597
Total paid back
$8,597
Term
240 payments
Borrowing $5,000 at 6% APR over 20 years (240 monthly payments) means you pay $35.82 each month. Over the full term you repay $8,597 in total — that's $3,597 of interest on top of the $5,000 you borrowed.
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