Monthly Payment on a $5,000 Loan at 24% APR for 48 Months
A $5,000 loan at 24% APR repaid over 48 months has a monthly payment of $163.01. Over the full 48 months (4 years) term you'd pay $2,824.44 in total interest, bringing the total cost of the loan to $7,824.44. A 24% APR is typical for borrowers with poor or building credit (below 630). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$163.01
at 24% APR
Total Interest
$2,824.44
over 48 months
Total Cost
$7,824.44
principal + interest
Loan Summary
$5,000 · 24% APR · 48 months
| Loan amount | $5,000 |
| Interest rate (APR) | 24% |
| Term | 48 months (4 years) |
| Monthly payment | $163.01 |
| Total interest paid | $2,824.44 |
| Total cost of loan | $7,824.44 |
Loan Calculator
Monthly Payment
$163.01
Total Paid
$7,824.44
Total Interest
$2,824.44
$5,000 at 24% APR · 48-Month Loan FAQs
What is the monthly payment on a $5,000 loan at 24% APR for 48 months?
The monthly payment on a $5,000 loan at 24% APR over 48 months is $163.01. 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 24% APR over 48 months, you'll pay $2,824.44 in total interest on a $5,000 loan. Combined with the $5,000 you borrowed, the total amount repaid is $7,824.44.
Is 24% a good APR for a personal loan?
A 24% APR is generally available to borrowers with poor or building credit (below 630). This is on the higher end. Shopping multiple lenders, reducing your debt-to-income ratio, or improving your credit before applying can lower your rate substantially.
Same Loan at a Different APR
Explore This Loan Further
Related tools:
Loan Calculator Debt Payoff Calculator Compound Interest Calculator