$7,500 loan at 8% for 5 years
Monthly payment
$152.07/mo
Total interest
$1,624
Total paid back
$9,124
Term
60 payments
Borrowing $7,500 at 8% APR over 5 years (60 monthly payments) means you pay $152.07 each month. Over the full term you repay $9,124 in total — that's $1,624 of interest on top of the $7,500 you borrowed.
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