How Much To Borrow
When you take a loan, remember that you have to pay back the original amount plus the interest that accrues over time. That's why it's important to not borrow more than you need.
The examples presented here assume a fixed 9% interest rate and a 10-year repayment term.
Loan Amount |
Repayment Amount |
Cost of Interest |
$5,000 |
$7,600.54 |
$2,600.54 |
$10,000 |
$15,201.09 |
$5,201.09 |
$15,000 |
$22,801.63 |
$7,801.63 |