Assignment 1: TIME VALUE OF MONEYObjective: To further understand the concept of the time value of money.INSTRUCTIONS:In each problem,a. Translate data given in problems into their respective graphical representations - i.e. drawthe correct cash flow diagram.b. Write down all pertinent given information or data on your paper.c. Calculate answers correctly.3. A certain college graduate, Sallie Evans, has $24,000 in student-loan debt at the end ofher college career. The interest rate on this debt is 0.75% per month. If monthly paymentson this loan are $432.61, how many months will it take for Sallie to repay the entire loan?

To determine the months required by the Sallie, using the relation as: Amout+interest in T…

Answered: A certain college graduate, Sallie…

Elements Of Electromagnetics

7th Edition

ISBN:9780190698614

Author:Sadiku, Matthew N. O.

Publisher:Sadiku, Matthew N. O.

ChapterMA: Math Assessment

Section: Chapter Questions

Problem 1.1MA

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A certain college graduate, Sallie Evans, has $24,000 in student-loan debt at the end of her college career. The interest rate on this debt is 0.75% per month. If monthly payments on this loan are $432.61, how many months will it take for Sallie to repay the entire loan?