Monthly Payment on a $12,000 Loan at 24% APR for 60 Months
A $12,000 loan at 24% APR repaid over 60 months has a monthly payment of $345.22. Over the full 60 months (5 years) term you'd pay $8,712.94 in total interest, bringing the total cost of the loan to $20,712.94. 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
$345.22
at 24% APR
Total Interest
$8,712.94
over 60 months
Total Cost
$20,712.94
principal + interest
Loan Summary
$12,000 · 24% APR · 60 months
| Loan amount | $12,000 |
| Interest rate (APR) | 24% |
| Term | 60 months (5 years) |
| Monthly payment | $345.22 |
| Total interest paid | $8,712.94 |
| Total cost of loan | $20,712.94 |
Loan Calculator
Monthly Payment
$345.22
Total Paid
$20,712.94
Total Interest
$8,712.94
$12,000 at 24% APR · 60-Month Loan FAQs
What is the monthly payment on a $12,000 loan at 24% APR for 60 months?
The monthly payment on a $12,000 loan at 24% APR over 60 months is $345.22. 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 $12,000 loan?
At 24% APR over 60 months, you'll pay $8,712.94 in total interest on a $12,000 loan. Combined with the $12,000 you borrowed, the total amount repaid is $20,712.94.
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.
Same Loan at a Different APR
Explore This Loan Further
Related tools:
Loan Calculator Debt Payoff Calculator Compound Interest Calculator