$7,500 loan at 7% for 3 years
Monthly payment
$231.58/mo
Total interest
$837
Total paid back
$8,337
Term
36 payments
Borrowing $7,500 at 7% APR over 3 years (36 monthly payments) means you pay $231.58 each month. Over the full term you repay $8,337 in total — that's $837 of interest on top of the $7,500 you borrowed.
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