Marcus M: The annual interest rate depends on your credit score and whether it is a secured or unsecured loan.
The total depends on the interest rate and duration of the loan.
If you put up collateral (e.g. the car if this loan is to buy a car) and you have good credit, then you can get around 4% interest. On a 10-year loan, that'll be $4,300 of interest added to the original loan.
If this is a credit card debt, the interest rate might be 30% and it could take 30 years to pay back. In that case, you'd pay $160,000 of interest.
You can google an interest calculator if you want to try some different numbers.
when you apply for the loan you'll get answer
short term partially secured personal loans will probably cost upwards of 7 to 8%, so expect interest of at least $1600 a year, just an estimate. the bank will want some form of job security (your ability to pay them back) too.
pay interest from the money you borrow
20,000 + The interest according to bank.
all of it plus interest
It does not matter if you are willing it matters if the bank is willing to lend money to you. Very few banks will just lend 20K without collateral such as your home. How much you pay depends upon the interest rate.
The answer depends on several things, including how good of a credit risk you are and what the money is for.
Depends on the rate and length of the loan. There are sites where you can find out how this plays out. Search on loan calculator. Put in some numbers to get an idea (or use defaults which may or may not be accurate for your situation.)
Try not to ask a loan those are a pain in the ***…