Question
Suppose you have a student loan of $40,000 with an APR of 9% for 30 years....
Suppose you have a student loan of $40,000 with an APR of 9% for 30
years. Complete parts a through C.
A. what are your required monthly payments?
The required monthly payment is $___
do not round until the final answer. Then round to the nearest
cent as needed
B. suppose you would like to pay the loan off in 18 years
instead of 36. What monthly payments will you need to make?
C. compare the total amount you’ll pay over the long term if
you pay the loan off in 18 years versus 36 years
Homework Answers
Answer #1
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