Suppose you have a student loan of $50,000 with an APR of 6% for 30 years. 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? The monthly payment required to pay off the loan in 15 years instead of 30 is $ Compare the total amount you'll pay over the loan term if you pay the loan off in 15 years versus 30 years. Total payments for the 30-year loan=$. Total payments for the 15-year loan=$
Suppose you have a student loan of $50,000 with an APR of 6% for 30 years. 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? The monthly payment required to pay off the loan in 15 years instead of 30 is $ Compare the total amount you'll pay over the loan term if you pay the loan off in 15 years versus 30 years. Total payments for the 30-year loan=$. Total payments for the 15-year loan=$
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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Question
Suppose you have a student loan of
$50,000
with an APR of
6%
for
30
years.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?The monthly payment required to pay off the loan in
15
years instead of
30
is
$
Compare the total amount you'll pay over the loan term if you pay the loan off in
15
years versus
30
years.Total payments for the
30-year
loan=$.
Total payments for the
15-year
loan=$
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