The cost of a $20,000.00 loan for 5 years is around $445.00 per month in payments and a total of $26,693.00 after paying an APR of 12%.
The cost of the $20,000.00 loan for 5 years will depend on the APR or annual percentage rate.
If the $20,000.00 loan over 5 years has a lower 5% APR, then the payment would be roughly $377.00 per month and a total of $22,645.00 after the interest is paid.
Lower rates on the $20,000.00 loan will mean lower payments and less total interest paid over time on the loan.
If you take out the $20,000.00 loan over 5 years with a 15.99% APR then the monthly payment on the $20,000.00 loan would be around $486.00 per month and the total cost of the loan over the 5 years with the interest would be $29,160.0
That would mean that you would pay $9,160.00 in interest on the $20,000.00 loan.
At 5% APR the monthly payment for the $20,000.00 loan over 5 years would be $22,645.48.
So at 5% APR the $20,000.00 loan would mean you pay $2,645.48 in interest.
And at 12% APR for the $20,000.00 loan over 5 years and a monthly payment of $44.89, would mean you pay a total of $26,693.34 for the loan.
And the total interest paid on the $20,000.00 loan over 5 years with a 12% APR would be $6,693.34 in interest.
The interest rate for the $20,000.00 loan also known as the APR is the biggest factor in cost of the loan and your payment, and higher APR rates will increase the monthly payment and total cost over the 5 year period.