$5,000 loan at 8% for 5 years
Monthly payment
$101.38/mo
Total interest
$1,083
Total paid back
$6,083
Term
60 payments
Borrowing $5,000 at 8% APR over 5 years (60 monthly payments) means you pay $101.38 each month. Over the full term you repay $6,083 in total — that's $1,083 of interest on top of the $5,000 you borrowed.
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