Part 1 You have an outstanding student loan with required payments of $500 per month for the next four years. The intere

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answerhappygod
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Part 1 You have an outstanding student loan with required payments of $500 per month for the next four years. The intere

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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​?
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