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
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 9% APR(compounded monthly). Now that you realize your best investment is to prepay your studentloan, you decide to prepay as much as you can each month. Looking at yourbudget, you can afford to pay an extra $150 a month in addition to your required monthly payments of $600, or $750 in total each month. How long will it take you to pay off theloan? (Note: Be careful not to round any intermediate steps less than six decimalplaces.)
The number of months to pay off the loan is ___
. (Round to two decimalplaces.)
*fill in the blank
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