Monthly Payment on a $500 Loan at 8% APR for 84 Months
A $500 loan at 8% APR repaid over 84 months has a monthly payment of $7.79. Over the full 84 months (7 years) term you'd pay $154.62 in total interest, bringing the total cost of the loan to $654.62. 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
$7.79
at 8% APR
Total Interest
$154.62
over 84 months
Total Cost
$654.62
principal + interest
Loan Summary
$500 · 8% APR · 84 months
| Loan amount | $500 |
| Interest rate (APR) | 8% |
| Term | 84 months (7 years) |
| Monthly payment | $7.79 |
| Total interest paid | $154.62 |
| Total cost of loan | $654.62 |
Loan Calculator
Monthly Payment
$7.79
Total Paid
$654.62
Total Interest
$154.62
$500 at 8% APR · 84-Month Loan FAQs
What is the monthly payment on a $500 loan at 8% APR for 84 months?
The monthly payment on a $500 loan at 8% APR over 84 months is $7.79. 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 84 months, you'll pay $154.62 in total interest on a $500 loan. Combined with the $500 you borrowed, the total amount repaid is $654.62.
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.
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