Generally, student loan repayments are capped at no more than 10% of your monthly gross

come. You make 40,000. School as 83624. Loan was 10000.

• What would be the maximum amount you would be required to repay per month on your student loan? Show all of your math and explain your answer.

• Do any of the monthly payment amounts calculated for your summary table under Financing fall below the maximum amount you are required to pay? What is the minimum monthly amount you could pay? How long will it take to pay off that loan?

• How many years will it take to pay off the loan if you make the maximum monthly payment amount of 10% of your monthly gross income? Show all of your math and explain your answer.