X Instructor-created question You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 10% APR (monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra $200 a month in addition to your required monthly payments of $600, or $800 in total each month. How long will it take you to pay off the loan? (Note: Be careful not to round any intermediate steps to fewer than six decimal places. Hint: You need to determine the balance outstanding first before calculating the term left if you increase the repayments. So this is a togher question as you only get the mark if both are correct!) The number of months to pay off the loan is 34.09. (Round to two decimal places.)