Asked by Richard

If I borrowed $78,000 from a bank and had perfect credit; How much interest would I have to pay in Dollars and cents? The loan is for 7 years
Answered by DrBob222
That depends upon the interest rate and the number of years.
Answered by drwls
It depends upon your loan collateral, value-to-lien ratio, and income (if any). If you take a second mortgage or home equity loan, you will probably pay about 5% interest with excellent credit.

If you pay off the loan in 7 years with constant payments, you will end up paying about $14,000 in interest over that period, at that interest rate.
There are no AI answers yet. The ability to request AI answers is coming soon!