It costs about $39,716 per year to attend Georgia Law School (including tuition, off- campus room and board, and student fees). I attend for three years and borrow the full amount: $119,148. Federal student loans for graduate students carry an APR of 5.28%, compounded monthly. Once I graduate, I can afford to pay $800/month on my student loans. How many months will it take for me to pay off my law school debt? 242.61 months 238.69 months 248.41 months O 236.55 months None of the above

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Loanable Funds Theory

The loanable funds theory is a neoclassical theory that determines the interest rate where the demand for loanable investments and supply of loanable funds intersect. To determine the interest rate, this theory employs linear regression and a demand curve. At the equilibrium point, demand for borrowings and demand for the issuance of borrowing funds are inextricably linked. This point of equilibrium should equalize demand and the supply of money available for borrowing.