While in college, Ellen received $40,000 in student loans at 8% interest. She will graduate in June and will repay the loans in either 5 or 10 equal annual payments. Compute her yearly payments for both repayment plans.
While in college, Ellen received $40,000 in student loans at 8% interest. She will graduate in June and will repay the loans in either 5 or 10 equal annual payments. Compute her yearly payments for both repayment plans.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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While in college, Ellen received $40,000 in student loans at 8% interest. She will graduate in June and will repay the loans in either 5 or 10 equal annual payments. Compute her yearly payments for both repayment plans.
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