$60,000 loan at 9% for 5 years
Monthly payment
$1,245.50/mo
Total interest
$14,730
Total paid back
$74,730
Term
60 payments
Borrowing $60,000 at 9% APR over 5 years (60 monthly payments) means you pay $1,245.50 each month. Over the full term you repay $74,730 in total — that's $14,730 of interest on top of the $60,000 you borrowed.
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