Assume you graduate from university with a $20,000 student loan. If your interest rate is fixed at 4.55% APR with monthly compounding and you will repay the loan over a 20-year period, what will be your monthly payment? The monthly payment will be $ (Round to two decimal places.)
Assume you graduate from university with a $20,000 student loan. If your interest rate is fixed at 4.55% APR with monthly compounding and you will repay the loan over a 20-year period, what will be your monthly payment? The monthly payment will be $ (Round to two decimal places.)
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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![Assume you graduate from university with a $20,000 student loan. If your interest rate is fixed at 4.55% APR with
monthly compounding and you will repay the loan over a 20-year period, what will be your monthly payment?
The monthly payment will be $
(Round to two decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa423bb6e-d21e-4bd5-905f-5d09b0a5cc96%2Fc1438dd5-b5b8-4b5a-b193-f0f6fd8541a9%2Fcd73i3c_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Assume you graduate from university with a $20,000 student loan. If your interest rate is fixed at 4.55% APR with
monthly compounding and you will repay the loan over a 20-year period, what will be your monthly payment?
The monthly payment will be $
(Round to two decimal places.)
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