Monthly Payment on a $8,000 Loan at 24% APR for 12 Months
A $8,000 loan at 24% APR repaid over 12 months has a monthly payment of $756.48. Over the full 12 months (1 year) term you'd pay $1,077.72 in total interest, bringing the total cost of the loan to $9,077.72. 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
$756.48
at 24% APR
Total Interest
$1,077.72
over 12 months
Total Cost
$9,077.72
principal + interest
Loan Summary
$8,000 · 24% APR · 12 months
| Loan amount | $8,000 |
| Interest rate (APR) | 24% |
| Term | 12 months (1 year) |
| Monthly payment | $756.48 |
| Total interest paid | $1,077.72 |
| Total cost of loan | $9,077.72 |
Loan Calculator
Monthly Payment
$756.48
Total Paid
$9,077.72
Total Interest
$1,077.72
$8,000 at 24% APR · 12-Month Loan FAQs
What is the monthly payment on a $8,000 loan at 24% APR for 12 months?
The monthly payment on a $8,000 loan at 24% APR over 12 months is $756.48. 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 $8,000 loan?
At 24% APR over 12 months, you'll pay $1,077.72 in total interest on a $8,000 loan. Combined with the $8,000 you borrowed, the total amount repaid is $9,077.72.
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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