$5,000 loan at 8% for 25 years
Monthly payment
$38.59/mo
Total interest
$6,577
Total paid back
$11,577
Term
300 payments
Borrowing $5,000 at 8% APR over 25 years (300 monthly payments) means you pay $38.59 each month. Over the full term you repay $11,577 in total — that's $6,577 of interest on top of the $5,000 you borrowed.
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