$7,500 loan at 7% for 10 years
Monthly payment
$87.08/mo
Total interest
$2,950
Total paid back
$10,450
Term
120 payments
Borrowing $7,500 at 7% APR over 10 years (120 monthly payments) means you pay $87.08 each month. Over the full term you repay $10,450 in total — that's $2,950 of interest on top of the $7,500 you borrowed.
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