You have graduated from college but unfortunately have $32,000 in outstanding loans. The loans require monthly payments
Question:
You have graduated from college but unfortunately have $32,000 in outstanding loans. The loans require monthly payments of $3,245, which covers interest and principal repayment (i.e., the loan has the same basic features as a mortgage). If the interest rate is 4 percent, how long will it take you to repay the debt? If the powers that be raise the rate to 6 percent, how many additional years will be required to retire the loans?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
The 32000 loan will be retired in approximately 13 years PVAIF 32000...View the full answer
Answered By
Shem Ongek
I am a professional who has the highest levels of self-motivation. Additionally, I am always angled at ensuring that my clients get the best of the quality work possible within the deadline. Additionally, I write high quality business papers, generate quality feedback with more focus being on the accounting analysis. I additionally have helped various students here in the past with their research papers which made them move from the C grade to an A-grade. You can trust me 100% with your work and for sure I will handle your papers as if it were my assignment. That is the kind of professionalism that I swore to operate within. I think when rating the quality of my work, 98% of the students I work for always come back with more work which therefore makes me to be just the right person to handle your paper.
174+ Reviews
426+ Question Solved
Related Book For 
Basic Finance An Introduction to Financial Institutions, Investments and Management
ISBN: 978-1285425795
11th Edition
Authors: Herbert B. Mayo
Question Posted:
