A $50,000 car loan at 6% interest for 60 months (5 years) has a monthly payment of $967. Over the life of the loan, you will pay $7,998 in total interest, making the total cost $57,998.

Key Numbers

• •Monthly payment: $967
• •Total interest over 60 months: $7,998
• •Total cost of the loan: $57,998
• •A 72-month loan lowers the payment to $829 but adds $1,664 in interest