Question
You have always wanted to learn to fly and be a commercial pilot. You've found a program for this, but it is really expensive! It
You have always wanted to learn to fly and be a commercial pilot. You've found a program for this, but it is really expensive! It lasts 2 years and you'll need to borrow to finance it. You'll need to borrow $35,000 at the beginning of the first year and $40,000 at the beginning of the second year to pay for it. Interest on each loan will begin accruing when you receive the funds. When you graduate, you'll repay your loan in monthly installments for 5 years with your first payment at the end of the month after graduation. What will be your monthly payment? Assume monthly compounding for all calculations. The nominal annual interest rate is 9%. Group of answer choices
$1,777.47
$1,866.34
$1,959.66
$2,057.64
$2,160.53
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