Final answer:
To pay off a $1,000,000 loan, monthly payments of $5,995.51 would be required for 30 years, resulting in a total repayment exceeding $2.1 million, which is more than twice the original loan amount.
Step-by-step explanation:
When discussing the payments on a loan through a service like Dragonpay, one must understand the concept of an amortizing loan and the total interest paid over the life of the loan. Taking the example provided, if you were to pay off a $1,000,000 loan, your monthly payment would be $5,995.51 for thirty years. Over that period, you would make 360 payments amounting to a total of more than $2.1 million. This amount is significantly higher than the original loan due to the interest that is compounded over time. It highlights the importance of understanding the long-term costs of taking on debt, as you can end up paying over twice the amount borrowed.