finaid.org
First seen Feb 22, 2026
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How is loan interested calculated? Apparently, I'm dumb I'm about to seek a loan for $5k to cover living expenses while I go back to school. I always assumed that the interest rate was taken from the principle on a monthly basis. But then I did this math on the following hypothetical loan, I got a ridiculous number: $5k * 6.5% interest * 12 months = total interest accrued in a year This comes out to $3,900 in interest! **Now the internet steps in...** I knew this couldn't be right, so I plugged these numbers into a generic loan calculator: http://www.finaid.org/calculators/loanpayments.phtml This loan calculator, assuming a monthly payment of $100, says the loan would be paid off in 5 years, with a total interest accrued of only $869.85 Can someone fill me in on what I'm doing wrong here? I've tried googling an explanation, but there is so much spam around searches regarding loans and I can't find a clear explanation.
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