Monthly Payment on a $500 Loan at 6% APR for 12 Months
A $500 loan at 6% APR repaid over 12 months has a monthly payment of $43.03. Over the full 12 months (1 year) term you'd pay $16.40 in total interest, bringing the total cost of the loan to $516.40. A 6% 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
$43.03
at 6% APR
Total Interest
$16.40
over 12 months
Total Cost
$516.40
principal + interest
Loan Summary
$500 · 6% APR · 12 months
| Loan amount | $500 |
| Interest rate (APR) | 6% |
| Term | 12 months (1 year) |
| Monthly payment | $43.03 |
| Total interest paid | $16.40 |
| Total cost of loan | $516.40 |
Loan Calculator
Monthly Payment
$43.03
Total Paid
$516.40
Total Interest
$16.40
$500 at 6% APR · 12-Month Loan FAQs
What is the monthly payment on a $500 loan at 6% APR for 12 months?
The monthly payment on a $500 loan at 6% APR over 12 months is $43.03. 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 6% APR over 12 months, you'll pay $16.40 in total interest on a $500 loan. Combined with the $500 you borrowed, the total amount repaid is $516.40.
Is 6% a good APR for a personal loan?
A 6% 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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