You are graduating from medical school today. You took out a $65,000 student loan at the beginning of each school year for the past four years. Since they were student loans, you were not obligated to make any payments until now. You will begin making monthly payments in a month to pay back the loan in the next 15 years. The interest rate of the loan is 5%. How much is your monthly payment? To simplify the problem, assume that the interest is compounded annually during the medical school and compounded monthly after graduating. $2,326.25 $2,206.28 $2,215.47 $2,056.06 $2,316.59
Please refer to below spreadsheet for calculation and answer. Cell reference also provided.
Cell reference -
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