Monthly Payment on a $6,000 Loan at 24% APR for 12 Months
A $6,000 loan at 24% APR repaid over 12 months has a monthly payment of $567.36. Over the full 12 months (1 year) term you'd pay $808.29 in total interest, bringing the total cost of the loan to $6,808.29. 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
$567.36
at 24% APR
Total Interest
$808.29
over 12 months
Total Cost
$6,808.29
principal + interest
Loan Summary
$6,000 · 24% APR · 12 months
| Loan amount | $6,000 |
| Interest rate (APR) | 24% |
| Term | 12 months (1 year) |
| Monthly payment | $567.36 |
| Total interest paid | $808.29 |
| Total cost of loan | $6,808.29 |
Loan Calculator
Monthly Payment
$567.36
Total Paid
$6,808.29
Total Interest
$808.29
$6,000 at 24% APR · 12-Month Loan FAQs
What is the monthly payment on a $6,000 loan at 24% APR for 12 months?
The monthly payment on a $6,000 loan at 24% APR over 12 months is $567.36. 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 $6,000 loan?
At 24% APR over 12 months, you'll pay $808.29 in total interest on a $6,000 loan. Combined with the $6,000 you borrowed, the total amount repaid is $6,808.29.
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.
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