Monthly Payment on a $1,500 Loan at 16% APR for 30 Months
A $1,500 loan at 16% APR repaid over 30 months has a monthly payment of $60.99. Over the full 30 months (2.5 years) term you'd pay $329.79 in total interest, bringing the total cost of the loan to $1,829.79. 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
$60.99
at 16% APR
Total Interest
$329.79
over 30 months
Total Cost
$1,829.79
principal + interest
Loan Summary
$1,500 · 16% APR · 30 months
| Loan amount | $1,500 |
| Interest rate (APR) | 16% |
| Term | 30 months (2.5 years) |
| Monthly payment | $60.99 |
| Total interest paid | $329.79 |
| Total cost of loan | $1,829.79 |
Loan Calculator
Monthly Payment
$60.99
Total Paid
$1,829.79
Total Interest
$329.79
$1,500 at 16% APR · 30-Month Loan FAQs
What is the monthly payment on a $1,500 loan at 16% APR for 30 months?
The monthly payment on a $1,500 loan at 16% APR over 30 months is $60.99. 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 30 months, you'll pay $329.79 in total interest on a $1,500 loan. Combined with the $1,500 you borrowed, the total amount repaid is $1,829.79.
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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