Monthly Payment on a $500 Loan at 8% APR for 36 Months
A $500 loan at 8% APR repaid over 36 months has a monthly payment of $15.67. Over the full 36 months (3 years) term you'd pay $64.05 in total interest, bringing the total cost of the loan to $564.05. 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
$15.67
at 8% APR
Total Interest
$64.05
over 36 months
Total Cost
$564.05
principal + interest
Loan Summary
$500 · 8% APR · 36 months
| Loan amount | $500 |
| Interest rate (APR) | 8% |
| Term | 36 months (3 years) |
| Monthly payment | $15.67 |
| Total interest paid | $64.05 |
| Total cost of loan | $564.05 |
Loan Calculator
Monthly Payment
$15.67
Total Paid
$564.05
Total Interest
$64.05
$500 at 8% APR · 36-Month Loan FAQs
What is the monthly payment on a $500 loan at 8% APR for 36 months?
The monthly payment on a $500 loan at 8% APR over 36 months is $15.67. 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 8% APR over 36 months, you'll pay $64.05 in total interest on a $500 loan. Combined with the $500 you borrowed, the total amount repaid is $564.05.
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.
Same Loan at a Different APR
Explore This Loan Further
Related tools:
Loan Calculator Debt Payoff Calculator Compound Interest Calculator