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Morgan recently graduated college with their degree and owes (d) $19,980 in student loans with an APR of 4.6% compounded monthly. They are expected to
Morgan recently graduated college with their degree and owes (d) $19,980 in student loans with an APR of 4.6% compounded monthly. They are expected to pay off the loan in 15 years. Round answers to two decimal places
a. Assuming all the same conditions of the original student loan, what would Morgans new monthly payment need to be if they wanted to pay off the loan in 10 years?
b. What is the total amount Morgan will pay if they pay off the loan in 10 years? (4 pt)
c. With the 10-year loan, how much will Morgan pay in interest? (4 pt)
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