Here is an example that is quick

You borrow $1,000 by having an APR of 3% over three years (presuming a yearly APR calculation). 1 interest: 1,000 x 0.03 = 30 and 30 + 1,000 = 1,030 12 months 2 interest: 1,030 x 0.03 = 30.9 12 months and 30.9 + 1,030 = 1061 3 interest: 1,061 x 0.03 = 31.83 year and 31.83 + 1,061 = 1,092.83 In total, you will pay off $1,092.83 At the final end associated with finance duration.

For reassurance, and also to guarantee you understand what you will spend, pose a question to your lender precisely what costs are contained in the APR figure they provide you.

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