Suppose you have a student loan of $50,000 with an APR of 12% for 40 years. Complete parts (a) through (c) below. a. What are your required monthly payments?
Suppose you have a student loan of $50,000 with an APR of 12% for 40 years. Complete parts (a) through (c) below. a. What are your required monthly payments?
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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Suppose you have a student loan of $50,000 with an APR of 12% for 40 years.
Complete parts (a) through (c) below.
a. What are your required monthly payments?
b. Suppose you would like to pay the loan off in 15 years instead of 30. What monthly payments will you need to make?
c. Compare the total amount you'll pay over the loan term if you pay the loan off in 15 years versus 30 years.
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