Pregunta
upstudy study bank question image url

Private College - Borrow at interest rate
19 Pick a mimum monthly payment.
How much do you end up paying for the loan if you just pay the minmum each month?

Ask by Martin Reid. in the United States
Jan 24,2025

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If you borrow $160,000 at a 4% interest rate over 19 years with minimum monthly payments, you’ll end up paying approximately $229,094 in total.

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Bonus Knowledge

When borrowing at a interest rate, the minimum monthly payment would typically be around to , depending on the loan term. However, if you only make the minimum payments, the interest accrues over time, leading to a significantly higher total amount paid. Over a standard 30-year term, you could end up paying close to or more by the time you’re done!
Just remember, making only the minimum payments means that you’re likely paying a lot more in interest over the life of the loan. A common mistake is not budgeting for extra payments; even small additional payments can dramatically lower the total interest paid and shorten the loan term. So, if you can, try to pay a little more each month!

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