What is the cost of a $10,000 loan?

What is the cost of a $10,000 loan?


What is the cost per month of a $10,000 loan? This is a good question, and this is based on an interest rate calculation…

If you’re $10,000 loan has a 10% annual interest rate, and you have a one-year term then you’ll owe $11,000 in total because 10% of that will be interest which is $1,000.

If you take that $1,000 interest cost and divide it by 12 to showcase a monthly payment, then you’re looking at $83.33 per month.

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Vlad Sherbatov

Vlad is the President and Co-Founder of Smarter Loans, Canada's original and largest loan comparison website. He is a passionate entrepreneur and business leader in the Canadian financial sector. He was selected as a 2019 Top 25 Leaders in Lending by the Canadian Lenders Association. Vlad is an author at Smarter Loans, and has been featured in publications like the Toronto Star and National Post, among others.