Question
A student loan of$25,000has a5%interest rate compounded daily. The following table includes repayment information for5-,10-, and15-year plans. If monthly payments of$200are made, how many years
A student loan of$25,000has a5%interest rate compounded daily. The following table includes repayment information for5-,10-, and15-year plans. If monthly payments of$200are made, how many years are needed to pay off the loan?
Years Number of payments Monthly payment Total interest 5 60 10 120 15 180 $471.78 $265.16 $197.70 $3,306.85 $6,819.65 $10,585.71
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Accounting Introduction To Financial Accounting
Authors: Henry Dauderis, David Annand
1st Edition
1517089719, 978-1517089719
