You owe $34,000 on student loans at an annual interest rate of 5.4%, with interest compounded monthly. You want to pay off the loan in 12 years. What will your monthly payments be? How much total interest do you pay over the life of the loan
You owe $34,000 on student loans at an annual interest rate of 5.4%, with interest compounded monthly. You want to pay off the loan in 12 years. What will your monthly payments be? How much total interest do you pay over the life of the loan
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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You owe $34,000 on student loans at an annual interest rate of 5.4%, with interest compounded monthly. You want to pay off the loan in 12 years.
What will your monthly payments be?
How much total interest do you pay over the life of the loan?
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