$5,000 loan at 8% for 3 years
Monthly payment
$156.68/mo
Total interest
$641
Total paid back
$5,641
Term
36 payments
Borrowing $5,000 at 8% APR over 3 years (36 monthly payments) means you pay $156.68 each month. Over the full term you repay $5,641 in total — that's $641 of interest on top of the $5,000 you borrowed.
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