$7,500 loan at 9% for 20 years
Monthly payment
$67.48/mo
Total interest
$8,695
Total paid back
$16,195
Term
240 payments
Borrowing $7,500 at 9% APR over 20 years (240 monthly payments) means you pay $67.48 each month. Over the full term you repay $16,195 in total — that's $8,695 of interest on top of the $7,500 you borrowed.
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