Question
Consider a student loan of $15,000 at a fixed APR of 12% for 15 years. a. Calculate the monthly payment. b. Determine the total amount
Consider a student loan of $15,000 at a fixed APR of 12% for 15 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.
I do not understand how to use the formula.
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Quantitative Analysis For Management
Authors: Barry Render, Ralph M. Stair, Michael E. Hanna
11th Edition
9780132997621, 132149117, 132997622, 978-0132149112
