Question
Consider a student loan of $10,000 at a fixed APR of 8% for 2 years. a. Calculate the monthly payment. b. Determine the total amount
Consider a student loan of $10,000 at a fixed APR of 8% for 2 years.
a. Calculate the monthly payment.
b. Determine the total amount paid over the term of the loan.
c. Of the total amountpaid, what percentage is paid toward the principal and what percentage is paid for interest.
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Financial Markets and Institutions
Authors: Anthony Saunders, Marcia Cornett
6th edition
9780077641849, 77861663, 77641841, 978-0077861667
