Question
A student needs to borrow $7,000to pay for college. She can get the loan at an APR of9.25%to be paid off in monthly installments over
A student needs to borrow $7,000 to pay for college. She can get the loan at an APR of 9.25% to be paid off in monthly installments over the next 4 years.
If she decides to pay the loan off in monthly installments over 3 years instead of 4 years at the given APR, how much money will she save altogether? Round your answer to the nearest cent.)
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Step: 1
To calculate the monthly installment for a 7000 loan at an APR of 925 to be paid off in 4 years we c...
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Fundamentals Of Corporate Finance
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
5th Edition
0135811600, 978-0135811603
