$5,000 loan at 6% for 7 years
Monthly payment
$73.04/mo
Total interest
$1,136
Total paid back
$6,136
Term
84 payments
Borrowing $5,000 at 6% APR over 7 years (84 monthly payments) means you pay $73.04 each month. Over the full term you repay $6,136 in total — that's $1,136 of interest on top of the $5,000 you borrowed.
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