Sarah graduated from college with $29000 in student loan debt. The annual rate on her loans is 6 percent simple interest, and she will make monthly payments for 10 years. What is the remaining balance on her loan after five years, or 60 months? (Hint: Use the amortization function on your financial calculator or Excel Worksheet 5.6.) O $14500 O $16654 O $9682 $19318
Sarah graduated from college with $29000 in student loan debt. The annual rate on her loans is 6 percent simple interest, and she will make monthly payments for 10 years. What is the remaining balance on her loan after five years, or 60 months? (Hint: Use the amortization function on your financial calculator or Excel Worksheet 5.6.) O $14500 O $16654 O $9682 $19318
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Sarah graduated from college with $29000 in student loan debt. The annual rate on her loans is 6 percent simple interest, and she will
make monthly payments for 10 years. What is the remaining balance on her loan after five years, or 60 months? (Hint: Use the
amortization function on your financial calculator or Excel Worksheet 5.6.)
O $14500
O $16654
O $9682
$19318
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