<prompt> Human: Loan is 13,500 at 10.24 interest4 year loanMade my first payment of 344Now loan is at 13,306 remaining balance with interest paid ytd 151I was under the impression that a 10 loan costs 3,500 split over 48 months. What I paid is going to cost me twice that!Thanks for any thoughts on this. Will clarify things ifas needed. Edit: thanks for the quick responses. This does make more sense now.  <response>: I mean, I didnt double check your math, but that 10.24 interest is likely compounded monthly if not more often. Meaning youre paying a bit less than 1 interest every month, or however often its compounded, on the remaining balance, not 10.24 at the end of each year or over the entire 48 months. Sorry if you knew that and that doesnt help. 