A student receives a student loan for $8,000 at 5.5% interest compounded monthly to help her finish
Question:
A student receives a student loan for $8,000 at 5.5% interest compounded monthly to help her finish the last 1.5 years of college. Starting 1 year after finishing college, the student must amortize the loan in the next 5 years by making equal monthly payments. What will the payments be and what total interest will the student pay?
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Step by Step Answer:
First we must calculate the future value of 8000 at 55 interest compounded monthly for 25 years 005...View the full answer
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Related Book For 
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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