$7,500 loan at 6% for 5 years
Monthly payment
$145.00/mo
Total interest
$1,200
Total paid back
$8,700
Term
60 payments
Borrowing $7,500 at 6% APR over 5 years (60 monthly payments) means you pay $145.00 each month. Over the full term you repay $8,700 in total — that's $1,200 of interest on top of the $7,500 you borrowed.
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