$7,500 loan at 4% for 3 years
Monthly payment
$221.43/mo
Total interest
$471
Total paid back
$7,971
Term
36 payments
Borrowing $7,500 at 4% APR over 3 years (36 monthly payments) means you pay $221.43 each month. Over the full term you repay $7,971 in total — that's $471 of interest on top of the $7,500 you borrowed.
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