question 3

After you graduate with your MBA. you will have $25, 436.00 in student loans. You are expected to repay the amount in 15 years making payments at the end o each month. What is the difference in monthly payments if the interest rate on the loans increased from 3.4 percent to 6.8 percent? a. Increase of $564.75. b. Increase of $45.20. c. Decrease by $564.75. d. Decrease by $45.20 e. Increase by $ 180.59