Question
Mary, a college student, needs to borrow $8,000 today for her tuition. She agrees to pay back the loan in a lump-sum payment upon graduating,
Mary, a college student, needs to borrow $8,000 today for her tuition. She agrees to pay back the loan in a lump-sum payment upon graduating, 4 years from today. The lender agrees to lending at a fixed 3.85% interest rate during the loan period. What is the total cost of Mary's student loan?(Round your answer to 2 decimal places.)
Total cost of Mary's student loan?
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Services Marketing Concepts, Strategies, & Cases
Authors: Douglas Hoffman, john Bateson
4th edition
1439039399, 978-1439039397
