Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You took out some student loans in college and now owe $6,000. You consolidated the loans into one amortizing loan, which has an annual interest

You took out some student loans in college and now owe $6,000. You consolidated the loans into one amortizing loan, which has an annual interest rate of 8% (APR). If you make monthly payments of $200, how many months will it take to pay off the loan? Fractional values are acceptable.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Money Banking And Financial Markets

Authors: Laurence Ball

1st Edition

0716759349, 9780716759348

More Books

Students also viewed these Finance questions