Monthly Payment on a $1,500 Loan at 7% APR for 48 Months
A $1,500 loan at 7% APR repaid over 48 months has a monthly payment of $35.92. Over the full 48 months (4 years) term you'd pay $224.13 in total interest, bringing the total cost of the loan to $1,724.13. A 7% APR is typical for borrowers with very good credit (720+). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$35.92
at 7% APR
Total Interest
$224.13
over 48 months
Total Cost
$1,724.13
principal + interest
Loan Summary
$1,500 · 7% APR · 48 months
| Loan amount | $1,500 |
| Interest rate (APR) | 7% |
| Term | 48 months (4 years) |
| Monthly payment | $35.92 |
| Total interest paid | $224.13 |
| Total cost of loan | $1,724.13 |
Loan Calculator
Monthly Payment
$35.92
Total Paid
$1,724.13
Total Interest
$224.13
$1,500 at 7% APR · 48-Month Loan FAQs
What is the monthly payment on a $1,500 loan at 7% APR for 48 months?
The monthly payment on a $1,500 loan at 7% APR over 48 months is $35.92. 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 7% APR over 48 months, you'll pay $224.13 in total interest on a $1,500 loan. Combined with the $1,500 you borrowed, the total amount repaid is $1,724.13.
Is 7% a good APR for a personal loan?
A 7% APR is generally available to borrowers with very good credit (720+). This is among the lower rates lenders offer and reflects strong creditworthiness.
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