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Suppose you have a student loan of $ 2 5 , 0 0 0 with an APR of 9 % for 2 0 years. Complete
Suppose you have a student loan of $ with an APR of for years. Complete parts a through c below.
a What are your required monthly payments?
The required monthly payment is $
Do not round until the final answer. Then round to the nearest cent as needed.
b Suppose you would like to pay the loan off in years instead of What monthly payments will you need to make?
The monthly payment required to pay off the loan in years instead of is $
Do not round until the final answer. Then round to the nearest cent as needed.
c Compare the total amount you'll pay over the loan term if you pay the loan off in years versus years.
Total payments for the year loan $
Total payments for the year loan $
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