Question
You borrowed $70,000 in student loans. You plan to make monthly payments to repay the debt. The interest rate is fixed at 3.3% APR (with
You borrowed $70,000 in student loans. You plan to make monthly payments to repay the debt. The interest rate is fixed at 3.3% APR (with monthly compounding). a) If the loans are for 10 years, find the monthly payment. b) Suppose that you decide to pay $300 more per month instead of the required monthly payment. How long will it take to pay off the loan?
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Multinational Business Finance
Authors: David K. Eiteman, Arthur I. Stonehill, Michael H. Moffett
10th Edition
0201785676, 9780201785678
