To pay for your education, you've taken out $91,000 in student loans. If you makemonthly payments over 10 years at 5% APR interest compounded monthly, howmuch are your monthly student loan payments?Your Answer:

Information Provided: Loan amount = $91,000 Term = 10 years Interest rate = 5% compounded monthly

Answered: monthly payments over 10 years at 5%…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.18E

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monthly payments over 10 years at 5% APR interest compounded monthly, how much are your monthly student loan payments?