Question

You have an outstanding student loan with required payments of $550 per month for the next four years. The interest rate on the loan is 8% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra $250 a month in addition to your required monthly payments of $550 , or $800 in total each month. How long will it take you to pay off the loan? (Note: Be careful not to round any intermediate steps less than six decimal places.)

Answer #1

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 10% APR (compounded monthly). Now that you realize your
best investment is to prepay your student loan, you decide to
prepay as much as you can each month. Looking at your budget, you
can afford to pay an extra $250 a month in addition to your
required monthly payments of $600, or $850 in total...

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 8% APR (compounded monthly). Now that you realize your
best investment is to prepay your student loan, you decide to
prepay as much as you can each month. Looking at your budget, you
can afford to pay an extra $175 a month in addition to your
required monthly payments of $600, or $775 in total...

You have an outstanding student loan with required payments of
$500 per month for the next four years. The interest rate on the
loan is 8% APR (compounded monthly). Now that you realize your
best investment is to prepay your student loan, you decide to
prepay as much as you can each month. Looking at your budget, you
can afford to pay an extra $175 a month in addition to your
required monthly payments of $500, or $675 in total...

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
10 %
APR (compounded monthly). Now that you realize your best
investment is to prepay your student loan, you decide to prepay as
much as you can each month. Looking at your budget, you can afford
to pay an extra
$ 250
a month in addition to your required monthly payments of
$ 600...

You have an outstanding student loan with required payments of $
500 per month for the next four years. The interest rate on the
loan is 8%APR (compounded monthly). Now that you realize your best
investment is to prepay your student loan, you decide to prepay as
much as you can each month. Looking at your budget, you can afford
to pay an extra $ 250 a month in addition to your required monthly
payments of$ 500 ,or $750 in...

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 8% APR (monthly). Now that you realize your best
investment is to prepay your student loan, you decide to prepay as
much as you can each month. Looking at your budget, you can afford
to pay an extra $250 a month in addition to your required monthly
payments of $600 or $850 in total each...

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? (compounded monthly). 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).???(Note: Be careful not to
round any intermediate steps to fewer than six decimal?
places.)
a. If you are required to continue to make payments of...

You have an outstanding student loan with required payments of
$500 per month for the next four years. The interest rate on the
loan is 8% APR. You are considering making an extra payment of $200
today (that is, you will pay an extra $200 that you are not
required to pay).
If you are required to continue to make payments of $500 per
month until the loan is paid off, what is the amount of your final
payment?
What...

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 8.25% APR. You are considering making an extra payment of
$175 today (that is, you will pay an extra $175 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? ...

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? ...

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