$5,000 loan at 8% for 20 years
Monthly payment
$41.82/mo
Total interest
$5,037
Total paid back
$10,037
Term
240 payments
Borrowing $5,000 at 8% APR over 20 years (240 monthly payments) means you pay $41.82 each month. Over the full term you repay $10,037 in total — that's $5,037 of interest on top of the $5,000 you borrowed.
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