My student loans totaled $85,000, and requires monthly payments of $943.67, at a 6% annual interest rate.How much is interest expense for the first month?

To determine the interest expense for first month we will use the following formula:Interest expense…

Answered: My student loans totaled $85, 000, and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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My student loans totaled $85, 000, and requires monthly payments of $943.67, at a 6% annual interest rate. How much is interest expense for the first month?