Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You have an outstanding student loan with required payments of $ 5 5 0 per month for the next 4 years. The interest rate on
You have an outstanding student loan with required payments of $ per month for the next years. The interest rate on the loan is APR compounded monthly Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra $ a month in addition to your required monthly payments of $ or $ in total each month. How long will it take you to pay off the loan? Note: Be careful not to round any intermediate steps less than six decimal places.
You can pay off the loan in months. Round to two decimal places.
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