Question content area top Part 1 You have an outstanding student loan with required payments of $500 per month for the n

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Question content area top Part 1 You have an outstanding student
loan with required payments of $500 per month for the next four
years. The interest rate on the loan is 8.50% APR​ (compounded
monthly). You are considering making an extra payment of $100
today​ (that is, you will pay an extra $100 that you are not
required to​ pay).  ​(Note: Be careful not to round any
intermediate steps to fewer than six decimal​ places.) a. If you
are required to continue to make payments of $500 per month until
the loan is paid​ off, what is the amount of your final​ payment?
b. What effective rate of return​ (expressed as an APR with
monthly​ compounding) have you earned on the $100​?.