You have a long-term goal of paying off your school loans in five years. You will graduate with a loan debt of $20,000 and an interest rate of 6%. How much will you need to pay each month to have the debt paid off in five years?
You have a long-term goal of paying off your school loans in five years. You will graduate with a loan debt of $20,000 and an interest rate of 6%. How much will you need to pay each month to have the debt paid off in five years?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 16P
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You have a long-term goal of paying off your school loans in five years. You will graduate with a loan debt of $20,000 and an interest rate of 6%. How much will you need to pay each month to have the debt paid off in five years?
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