(0.11/12) x $20,000 = $183.33
$183.33 is the interest on $20,000 for one month.
Many interest only loans you will pay $188.33 for 2 or 3 years.
You will have to check the financial terms and conditions of your
loan to verify. Check with the financial institution where you
would like to obtain the loan from to see if they have variations
to the amount of interest paid.