Monthly Payment on a $500 Loan at 5% APR for 12 Months
A $500 loan at 5% APR repaid over 12 months has a monthly payment of $42.80. Over the full 12 months (1 year) term you'd pay $13.64 in total interest, bringing the total cost of the loan to $513.64. A 5% APR is typical for borrowers with excellent credit (760+). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$42.80
at 5% APR
Total Interest
$13.64
over 12 months
Total Cost
$513.64
principal + interest
Loan Summary
$500 · 5% APR · 12 months
| Loan amount | $500 |
| Interest rate (APR) | 5% |
| Term | 12 months (1 year) |
| Monthly payment | $42.80 |
| Total interest paid | $13.64 |
| Total cost of loan | $513.64 |
Loan Calculator
Monthly Payment
$42.80
Total Paid
$513.64
Total Interest
$13.64
$500 at 5% APR · 12-Month Loan FAQs
What is the monthly payment on a $500 loan at 5% APR for 12 months?
The monthly payment on a $500 loan at 5% APR over 12 months is $42.80. 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 5% APR over 12 months, you'll pay $13.64 in total interest on a $500 loan. Combined with the $500 you borrowed, the total amount repaid is $513.64.
Is 5% a good APR for a personal loan?
A 5% APR is generally available to borrowers with excellent credit (760+). This is among the lower rates lenders offer and reflects strong creditworthiness.
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