Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You have $26,374,68 saved to pay for a 4 year university degree which will cost $150,000. You will need to take out a student loan
You have $26,374,68 saved to pay for a 4 year university degree which will cost $150,000. You will need to take out a student loan at 4.5% compounded monthly to cover the shortfall. You invest 12.5% of your household income ($500 per month) to paying off the loan. How many years will You need to repay the loan in full?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started