Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have just graduated and you owe $41,919 on your student loan that has an interest rate of 6% (compounded annually). How long will it

You have just graduated and you owe $41,919 on your student loan that has an interest rate of 6% (compounded annually). How long will it take you to pay it off if you make one payment per of year of $5,000? Enter your answer in whole years to the closest full year. (ex. 4, 8 ,10)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions