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You have an outstanding student loan with required payments of $600 per month for the next...

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 9.25% APR. You are considering making an extra payment of $150 today​ (that is, you will pay an extra $150 that you are not required to​ pay).

a. If you are required to continue to make payments of $600 per month until the loan is paid​ off, what is the amount of your final​ payment?  

b. What effective rate of return​ (expressed as an APR with monthly​ compounding) have you earned on the $150​?

*PLEASE MAKE SURE IT IS CORRECT*

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