Consider a student loan of $22,500 at a fixed APR of 12% 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. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total payment over the term of the loan is S (Round to the nearest cent as needed.) c. Of the total payment over the term of the loan,% is paid toward the principal and % is paid toward interest. (Round to the nearest tenth as needed.)
Consider a student loan of $22,500 at a fixed APR of 12% 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. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total payment over the term of the loan is S (Round to the nearest cent as needed.) c. Of the total payment over the term of the loan,% is paid toward the principal and % is paid toward interest. (Round to the nearest tenth as needed.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Pls fjnd all the three parts thanks sir for u time respect
Transcribed Image Text:Consider a student loan of $22,500 at a fixed APR of 12% 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.
a. The monthly payment is $
(Do not round until the final answer. Then round to the nearest cent as needed.)
b. The total payment over the term of the loan is S
(Round to the nearest cent as needed.)
c. Of the total payment over the term of the loan,% is paid toward the principal and % is paid toward interest.
(Round to the nearest tenth as needed.)
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