$5,000 loan at 6% for 5 years
Monthly payment
$96.66/mo
Total interest
$800
Total paid back
$5,800
Term
60 payments
Borrowing $5,000 at 6% APR over 5 years (60 monthly payments) means you pay $96.66 each month. Over the full term you repay $5,800 in total — that's $800 of interest on top of the $5,000 you borrowed.
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