$5,000 loan at 7% for 20 years
Monthly payment
$38.76/mo
Total interest
$4,304
Total paid back
$9,304
Term
240 payments
Borrowing $5,000 at 7% APR over 20 years (240 monthly payments) means you pay $38.76 each month. Over the full term you repay $9,304 in total — that's $4,304 of interest on top of the $5,000 you borrowed.
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