Monthly Payment on a $5,000 Loan at 8% APR for 12 Months
A $5,000 loan at 8% APR repaid over 12 months has a monthly payment of $434.94. Over the full 12 months (1 year) term you'd pay $219.31 in total interest, bringing the total cost of the loan to $5,219.31. 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
$434.94
at 8% APR
Total Interest
$219.31
over 12 months
Total Cost
$5,219.31
principal + interest
Loan Summary
$5,000 · 8% APR · 12 months
| Loan amount | $5,000 |
| Interest rate (APR) | 8% |
| Term | 12 months (1 year) |
| Monthly payment | $434.94 |
| Total interest paid | $219.31 |
| Total cost of loan | $5,219.31 |
Loan Calculator
Monthly Payment
$434.94
Total Paid
$5,219.31
Total Interest
$219.31
$5,000 at 8% APR · 12-Month Loan FAQs
What is the monthly payment on a $5,000 loan at 8% APR for 12 months?
The monthly payment on a $5,000 loan at 8% APR over 12 months is $434.94. 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 $5,000 loan?
At 8% APR over 12 months, you'll pay $219.31 in total interest on a $5,000 loan. Combined with the $5,000 you borrowed, the total amount repaid is $5,219.31.
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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