You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate

Post by answerhappygod »

You Have An Outstanding Student Loan With Required Payments Of 600 Per Month For The Next Four Years The Interest Rate 1
You Have An Outstanding Student Loan With Required Payments Of 600 Per Month For The Next Four Years The Interest Rate 1 (23.63 KiB) Viewed 78 times
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 8% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much you can each month. Looking at your budget, you can afford to pay an extra $200 a month in addition to your required monthly payments of $600, or $800 in total each month. How long will it take you to pay off the loan? (Note: Be careful not to round any intermediate steps less than six decimal places.) The number of months to pay off the loan is (Round to two decimal places.)
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”