Monthly Payment on a $1,500 Loan at 16% APR for 24 Months
A $1,500 loan at 16% APR repaid over 24 months has a monthly payment of $73.44. Over the full 24 months (2 years) term you'd pay $262.67 in total interest, bringing the total cost of the loan to $1,762.67. A 16% APR is typical for borrowers with fair credit (630–689). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$73.44
at 16% APR
Total Interest
$262.67
over 24 months
Total Cost
$1,762.67
principal + interest
Loan Summary
$1,500 · 16% APR · 24 months
| Loan amount | $1,500 |
| Interest rate (APR) | 16% |
| Term | 24 months (2 years) |
| Monthly payment | $73.44 |
| Total interest paid | $262.67 |
| Total cost of loan | $1,762.67 |
Loan Calculator
Monthly Payment
$73.44
Total Paid
$1,762.67
Total Interest
$262.67
$1,500 at 16% APR · 24-Month Loan FAQs
What is the monthly payment on a $1,500 loan at 16% APR for 24 months?
The monthly payment on a $1,500 loan at 16% APR over 24 months is $73.44. 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 $1,500 loan?
At 16% APR over 24 months, you'll pay $262.67 in total interest on a $1,500 loan. Combined with the $1,500 you borrowed, the total amount repaid is $1,762.67.
Is 16% a good APR for a personal loan?
A 16% APR is generally available to borrowers with fair credit (630–689). This is a mid-range rate — improving your credit score or adding a co-signer could help you qualify for a lower one.
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