For a student loan of ​$20 comma 50020,500 at 2.752.75​% for 1515 ​years, complete the following. ​(a) Calculate the monthly payment necessary to amortize the loan amount. ​(b) Find the amount of money saved over the lifetime of the loan if an additional​ $100 is added to the monthly payment.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 41P
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For a student loan of ​$20 comma 50020,500 at 2.752.75​% for 1515 ​years, complete the following.
​(a) Calculate the monthly payment necessary to amortize the loan amount.
​(b) Find the amount of money saved over the lifetime of the loan if an additional​ $100 is added to the monthly payment.
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