Monthly Payment on a $2,000 Loan at 8% APR for 48 Months
A $2,000 loan at 8% APR repaid over 48 months has a monthly payment of $48.83. Over the full 48 months (4 years) term you'd pay $343.64 in total interest, bringing the total cost of the loan to $2,343.64. A 8% 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
$48.83
at 8% APR
Total Interest
$343.64
over 48 months
Total Cost
$2,343.64
principal + interest
Loan Summary
$2,000 · 8% APR · 48 months
| Loan amount | $2,000 |
| Interest rate (APR) | 8% |
| Term | 48 months (4 years) |
| Monthly payment | $48.83 |
| Total interest paid | $343.64 |
| Total cost of loan | $2,343.64 |
Loan Calculator
Monthly Payment
$48.83
Total Paid
$2,343.64
Total Interest
$343.64
$2,000 at 8% APR · 48-Month Loan FAQs
What is the monthly payment on a $2,000 loan at 8% APR for 48 months?
The monthly payment on a $2,000 loan at 8% APR over 48 months is $48.83. 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 $2,000 loan?
At 8% APR over 48 months, you'll pay $343.64 in total interest on a $2,000 loan. Combined with the $2,000 you borrowed, the total amount repaid is $2,343.64.
Is 8% a good APR for a personal loan?
A 8% 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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