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Today's guess · Thu, Oct 8

Borrowing $8,000 for two years.

At 11.86%, the latest Fed-reported average bank rate on a 24-month personal loan.

How much interest in total?

$1,500
$0$3,000
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The real number

$1,026

It comes to $1,026.

Your guess—
The real figure$1,026

$376 a month, $9,026 in all.

Why so much?

Why

Two years of interest on a balance that starts at $8,000.

Payment 1, $376
  • $79 interest
  • $297 off the loan

By the last payment almost all of it is principal. More of the interest is paid early because the balance is highest early in the loan.

Rates move

A year ago the same loan at 11.57% cost $1,000. We update this when the Fed publishes new rates.

Show me one move

One move

Twelve months instead of twenty-four.

24 months

$376a month
$1,026interest in all

12 months

$710a month
$523interest in all

$334 more a month. $502 less in interest.

Same rate assumed for both terms. Shorter loans are often priced a little lower, which widens the gap.

Try it with my numbers

Now yours

Your personal loan.

$376.06 a month. Interest in all: $1,026. You pay back $9,026.

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The whole story, as text

Borrowing $8,000 for two years. What does it cost right now?

Borrowing $8,000 for two years. At 11.86%, the latest Fed-reported average bank rate on a 24-month personal loan. How much interest in total?

The answer

$1,026. $376 a month, $9,026 in all.

Why

Two years of interest on a balance that starts at $8,000. $79 interest, $297 off the loan. By the last payment almost all of it is principal. More of the interest is paid early because the balance is highest early in the loan. Rates move: A year ago the same loan at 11.57% cost $1,000. We update this when the Fed publishes new rates.

One move

Twelve months instead of twenty-four. 24 months: $376 a month, $1,026 interest in all. 12 months: $710 a month, $523 interest in all. $334 more a month. $502 less in interest. Same rate assumed for both terms. Shorter loans are often priced a little lower, which widens the gap.

Rates are from the Federal Reserve’s G.19 Consumer Credit release, terms of credit at commercial banks, 24-month personal loans. They are averages, not offers.

Yours

Where did my payments go? runs these numbers for any loan. Nothing you enter leaves your browser.

Written and reviewed by Riverbend Crossroads Digital LLC, Friday, October 2, 2026. Figures from the Show Real Cost engine, computed exactly and shown to the cent. Educational, not advice; your lender's disclosures are the authoritative figures. How we calculate · Corrections.