Question

Consider a student loan of ​$15,000 at a fixed APR of 6​% for 30 years. a....

Consider a student loan of ​$15,000 at a fixed APR of 6​% for 30 years.

a. Calculate the monthly payment.

b. Determine the total amount paid over the term of the loan.

c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest.

(Do not round until the final answer. Then round to the nearest cent as​ needed.)

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Answer #1
Loan $           15,000
APR 6%
Term in years 30
Number of payments in a year 12
a) Monthly payment $             89.93
b) Total amount paid $     32,375.73
c) Percentage of principal 46.33%
Percentage of interest 53.67%

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