The annual interest rate on the loan agreement. APR includes fees, so it can be a bit higher.
Term in
Monthly payment$318.71
Total interest$4,122.34
Total paid$19,122.34
Number of payments60
Interest as a share of the loan27.48%

$15,000.00 at 10% over 60 months: payment = P × r ÷ (1 − (1 + r)−n) with r = 10% ÷ 12 and n = 60.

Payment schedule (yearly)
YearPaidInterestPrincipalBalance
1$3,824$1,390$2,434$12,566
2$3,824$1,136$2,689$9,877
3$3,824$854$2,970$6,907
4$3,824$543$3,282$3,625
5$3,824$199$3,625$0

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