Question
Consider a student loan of $15,000 at a fixed APR of 9 9 % for 20 20 years. 9 % for 20 20 years. a.
Consider a student loan of
$15,000 at a fixed APR of 9
9% for 20
20 years.
9% for 20
20 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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Options Futures and Other Derivatives
Authors: John C. Hull
10th edition
013447208X, 978-0134472089
