$5,000 loan at 8% for 10 years
Monthly payment
$60.66/mo
Total interest
$2,280
Total paid back
$7,280
Term
120 payments
Borrowing $5,000 at 8% APR over 10 years (120 monthly payments) means you pay $60.66 each month. Over the full term you repay $7,280 in total — that's $2,280 of interest on top of the $5,000 you borrowed.
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