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Your use $step 1,100000 having an apr regarding 3% more than three-years (incase a yearly Apr calculation). Season step 1 attract: step 1,000 x 0.03 = 29 and you will 29 + step 1,100 = step 1,030 12 months 2 attention: step 1,030 x 0.03 = 29.9 and you can 30.nine + step one,030 = 1061 Season 3 attention: step one,061 x 0.03 = and you may + step 1,061 = step 1, Overall, possible pay back $step one, at the end of the finance months.

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