Monthly Payment on a $8,000 Loan at 8% APR for 48 Months
A $8,000 loan at 8% APR repaid over 48 months has a monthly payment of $195.30. Over the full 48 months (4 years) term you'd pay $1,374.56 in total interest, bringing the total cost of the loan to $9,374.56. 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
$195.30
at 8% APR
Total Interest
$1,374.56
over 48 months
Total Cost
$9,374.56
principal + interest
Loan Summary
$8,000 · 8% APR · 48 months
| Loan amount | $8,000 |
| Interest rate (APR) | 8% |
| Term | 48 months (4 years) |
| Monthly payment | $195.30 |
| Total interest paid | $1,374.56 |
| Total cost of loan | $9,374.56 |
Loan Calculator
Monthly Payment
$195.30
Total Paid
$9,374.56
Total Interest
$1,374.56
$8,000 at 8% APR · 48-Month Loan FAQs
What is the monthly payment on a $8,000 loan at 8% APR for 48 months?
The monthly payment on a $8,000 loan at 8% APR over 48 months is $195.30. 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 8% APR over 48 months, you'll pay $1,374.56 in total interest on a $8,000 loan. Combined with the $8,000 you borrowed, the total amount repaid is $9,374.56.
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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