ontent area top Part 1 You have an outstanding student loan with required payments of ​$550 per month for the next years. The interest rate on the loan is 9% APR​ (compounded monthly). Now that you realize your best investment is to prepay your student​ loan, you decide to prepay as much as you can each month. Looking at your​ budget, you can afford to pay an extra ​$200 a month in addition to your required monthly payments of ​$550​, or ​$750 in total each month. How long will it take you to pay off the​ loan? ​(Note​: Be careful not to round any intermediate steps less than six decimal​ places.) Question content area bottom Part 1

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Application of Time Value of Money (TVM)

The time value of money can be incorporated either by discounting the future value or by using the present value to find the future value.