You have an outstanding student loan with required payments of $ 500 per month for the next four years. The interest rate on the loan is 9% APR(monthly). You are considering making an extra payment of $100 today(that is, you will pay an extra $100 that you are not required topay). If you are required to continue to make payments of $ 500 per month until the loan is paidoff, what is the amount of your finalpayment? What effective rate of return(expressed as an APR with monthlycompounding) have you earned on the $100?

If you are required to continue to make payments of $500 per month until the loan is paidoff, what is the amount of your finalpayment?