Monthly Payment on a $500 Loan at 24% APR for 12 Months
A $500 loan at 24% APR repaid over 12 months has a monthly payment of $47.28. Over the full 12 months (1 year) term you'd pay $67.36 in total interest, bringing the total cost of the loan to $567.36. 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
$47.28
at 24% APR
Total Interest
$67.36
over 12 months
Total Cost
$567.36
principal + interest
Loan Summary
$500 · 24% APR · 12 months
| Loan amount | $500 |
| Interest rate (APR) | 24% |
| Term | 12 months (1 year) |
| Monthly payment | $47.28 |
| Total interest paid | $67.36 |
| Total cost of loan | $567.36 |
Loan Calculator
Monthly Payment
$47.28
Total Paid
$567.36
Total Interest
$67.36
$500 at 24% APR · 12-Month Loan FAQs
What is the monthly payment on a $500 loan at 24% APR for 12 months?
The monthly payment on a $500 loan at 24% APR over 12 months is $47.28. 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 $500 loan?
At 24% APR over 12 months, you'll pay $67.36 in total interest on a $500 loan. Combined with the $500 you borrowed, the total amount repaid is $567.36.
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.
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