$7,500 loan at 9% for 30 years
Monthly payment
$60.35/mo
Total interest
$14,225
Total paid back
$21,725
Term
360 payments
Borrowing $7,500 at 9% APR over 30 years (360 monthly payments) means you pay $60.35 each month. Over the full term you repay $21,725 in total — that's $14,225 of interest on top of the $7,500 you borrowed.
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