How much are monthly payments on a $6000 dollar loan?

To give the exact answer for this we need to know not only that the loan is for $6,000, but how long the term of the loan is, as well as the interest rate you're paying.

As an example, a $6,000 loan over a term of 5 years, at an interest rate of 8% would mean the payments would be $121.66 each month (which means you'd pay $1,299 in interest for a total payback of $7,299.50)

If the interest rate was 3%, over the same term, then the payments would be $107.81 (which means you'd pay $468.73 in interest for a total payback of $6,468.73).

Since the Federal Reserve has kept interest rates low since 2008, the average 30-year mortgage rate has been around 3.3% (which if used in your example would mean monthly payments of $26.28 with interest costing $3,459.83, meaning you'd pay $9,459.83 back for that $6,000 loan).

Updated on Saturday, January 05 2013 at 12:44AM EST
Collections: interest rateprincipal