Generally, student loan repayments are capped at no more than 10% of your monthly gross income. (40,000) School will cost 83624 total.

APR = 2.95%	5-year loan	10-year loan	15-year loan
Amount Financed	10000	10000	1000
Amount of Interest	1230	2529	3918
Total Amount Owed	11230	12529	13918
Monthly Payment	187	104	77

• 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.