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Your student loan is looming so you'd like to come up with a plan for repayment. The remaining balance on your loan is $65,584.95 and the student loan service centre charges 2,33% interest compounded quarterly. If payments of $250 are made at the beginning of every two weeks (26 times per year), how many months will it take to pay off the loan in its entirety? Answer

Your student loan is looming so you'd like to come up with a plan for repayment. The remaining balance on your loan is $65,584.95 and the student loan service centre charges 2,33% interest compounded quarterly. If payments of $250 are made at the beginning of every two weeks (26 times per year), how many months will it take to pay off the loan in its entirety? Answer

Essentials Of Investments
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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Your student loan is looming so you'd like to come up with a plan for repayment. The remaining balance on your loan is $65,584.95 and the student loan service centre charges 2,33% interest compounded quarterly. If payments of $250 are made at the beginning of every two weeks (26 times per year), how many months will it take to pay off the loan in its entirety? Answer
Transcribed Image Text:Your student loan is looming so you'd like to come up with a plan for repayment. The remaining balance on your loan is $65,584.95 and the student loan service centre charges 2,33% interest compounded quarterly. If payments of $250 are made at the beginning of every two weeks (26 times per year), how many months will it take to pay off the loan in its entirety? Answer
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