The longer the loan term, the more interest you will pay. Total interest paid: This is the total amount of interest you will pay over the life of the loan.Average monthly interest: This is the amount of interest you’ll be paying every month, on average, over the life of the loan.This is just the minimum amount – you may choose to pay more than this to repay your loan faster or reduce your interest payments. It is calculated based on the loan amount, loan term, and APR.
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