Monthly Payment on a $1,000 Loan at 24% APR for 12 Months
A $1,000 loan at 24% APR repaid over 12 months has a monthly payment of $94.56. Over the full 12 months (1 year) term you'd pay $134.72 in total interest, bringing the total cost of the loan to $1,134.72. A 24% APR is typical for borrowers with poor or building credit (below 630). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$94.56
at 24% APR
Total Interest
$134.72
over 12 months
Total Cost
$1,134.72
principal + interest
Loan Summary
$1,000 · 24% APR · 12 months
| Loan amount | $1,000 |
| Interest rate (APR) | 24% |
| Term | 12 months (1 year) |
| Monthly payment | $94.56 |
| Total interest paid | $134.72 |
| Total cost of loan | $1,134.72 |
Loan Calculator
Monthly Payment
$94.56
Total Paid
$1,134.72
Total Interest
$134.72
$1,000 at 24% APR · 12-Month Loan FAQs
What is the monthly payment on a $1,000 loan at 24% APR for 12 months?
The monthly payment on a $1,000 loan at 24% APR over 12 months is $94.56. This is calculated with the standard amortization formula and assumes equal fixed payments for the full term.
How much total interest will I pay on this $1,000 loan?
At 24% APR over 12 months, you'll pay $134.72 in total interest on a $1,000 loan. Combined with the $1,000 you borrowed, the total amount repaid is $1,134.72.
Is 24% a good APR for a personal loan?
A 24% APR is generally available to borrowers with poor or building credit (below 630). This is on the higher end. Shopping multiple lenders, reducing your debt-to-income ratio, or improving your credit before applying can lower your rate substantially.
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