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Posted on Sep 12, 2024

Assume you have borrowed money for going to college. You are going to pay the loan back over 1 0 years by making monthly payments.

Assume you have borrowed money for going to college. You are going to pay the loan back over

10

years by making monthly payments. The interest rate is

5 %

and the principal borrowed is $

25, 000 .

Calculate the payment amount. What is the total interest cost of the loan? Show all your steps.

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