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A fixed-rate installment loan divides repayment into equal monthly payments. Each payment covers interest on the remaining balance and reduces principal.
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How it works
A fixed-rate installment loan divides repayment into equal monthly payments. Each payment covers interest on the remaining balance and reduces principal.
Worked example
A $10,000 loan at 7% interest for five years is about $198 per month. Total interest is the sum of payments minus the original loan.
Keep in mind
Origination fees, variable rates, and early repayment can change the real cost.