Monthly Payment on a $8,000 Loan at 9% APR for 12 Months
A $8,000 loan at 9% APR repaid over 12 months has a monthly payment of $699.61. Over the full 12 months (1 year) term you'd pay $395.34 in total interest, bringing the total cost of the loan to $8,395.34. A 9% 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
$699.61
at 9% APR
Total Interest
$395.34
over 12 months
Total Cost
$8,395.34
principal + interest
Loan Summary
$8,000 · 9% APR · 12 months
| Loan amount | $8,000 |
| Interest rate (APR) | 9% |
| Term | 12 months (1 year) |
| Monthly payment | $699.61 |
| Total interest paid | $395.34 |
| Total cost of loan | $8,395.34 |
Loan Calculator
Monthly Payment
$699.61
Total Paid
$8,395.34
Total Interest
$395.34
$8,000 at 9% APR · 12-Month Loan FAQs
What is the monthly payment on a $8,000 loan at 9% APR for 12 months?
The monthly payment on a $8,000 loan at 9% APR over 12 months is $699.61. 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 9% APR over 12 months, you'll pay $395.34 in total interest on a $8,000 loan. Combined with the $8,000 you borrowed, the total amount repaid is $8,395.34.
Is 9% a good APR for a personal loan?
A 9% APR is generally available to borrowers with very good credit (720+). This is among the lower rates lenders offer and reflects strong creditworthiness.
Same Loan at a Different APR
Explore This Loan Further
Related tools:
Loan Calculator Debt Payoff Calculator Compound Interest Calculator