A $50,000 car loan at 8% interest for 60 months (5 years) has a monthly payment of $1,014. Over the life of the loan, you will pay $10,829 in total interest, making the total cost $60,829.

Key Numbers

• •Monthly payment: $1,014
• •Total interest over 60 months: $10,829
• •Total cost of the loan: $60,829
• •A 72-month loan lowers the payment to $877 but adds $2,290 in interest