Question
(SOMEONE PLEASE ANSWER) Consider a student loan of $17,500 at a fixed APR of 6% for 5 years. a. Calculate the monthly payment. b. Determine
(SOMEONE PLEASE ANSWER) Consider a student loan of $17,500 at a fixed APR of 6% for 5 years.
a. Calculate the monthly payment.
b. Determine the total amount paid over the term of the loan.
c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
a. The monthly payment is _____. (Do not round until the final answer. Then round to the nearest cent as needed.)
b. The total amount paid over the course of the loan is _____. (Round to the nearest cent as needed.)
c. Of the total amount paid, nothing % is paid toward the principal and ______ % is paid for interest. (Round to once decimal place as needed.)
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