Monthly Payment on a $500 Loan at 11% APR for 24 Months
A $500 loan at 11% APR repaid over 24 months has a monthly payment of $23.30. Over the full 24 months (2 years) term you'd pay $59.29 in total interest, bringing the total cost of the loan to $559.29. A 11% APR is typical for borrowers with good credit (690+). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$23.30
at 11% APR
Total Interest
$59.29
over 24 months
Total Cost
$559.29
principal + interest
Loan Summary
$500 · 11% APR · 24 months
| Loan amount | $500 |
| Interest rate (APR) | 11% |
| Term | 24 months (2 years) |
| Monthly payment | $23.30 |
| Total interest paid | $59.29 |
| Total cost of loan | $559.29 |
Loan Calculator
Monthly Payment
$23.30
Total Paid
$559.29
Total Interest
$59.29
$500 at 11% APR · 24-Month Loan FAQs
What is the monthly payment on a $500 loan at 11% APR for 24 months?
The monthly payment on a $500 loan at 11% APR over 24 months is $23.30. 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 11% APR over 24 months, you'll pay $59.29 in total interest on a $500 loan. Combined with the $500 you borrowed, the total amount repaid is $559.29.
Is 11% a good APR for a personal loan?
A 11% APR is generally available to borrowers with good credit (690+). This is a mid-range rate — improving your credit score or adding a co-signer could help you qualify for a lower one.
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