$60,000 loan at 3% for 3 years
Monthly payment
$1,744.87/mo
Total interest
$2,815
Total paid back
$62,815
Term
36 payments
Borrowing $60,000 at 3% APR over 3 years (36 monthly payments) means you pay $1,744.87 each month. Over the full term you repay $62,815 in total — that's $2,815 of interest on top of the $60,000 you borrowed.
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