A student loan of$25,000has a5%interest rate compounded daily. The following table includes repayment information for5-,10-, and15-year plans.

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A student loan of$25,000has a5%interest rate compounded daily. The following table includes repayment information for5-,10-, and15-year plans. If monthly payments of$200are made, how many years are needed to pay off the loan?

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Accounting Introduction To Financial Accounting

ISBN: 9781517089719

1st Edition

Authors: Henry Dauderis, David Annand

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Posted Date: May 13, 2024 12:44 AM

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A student loan of$25,000has a5%interest rate compounded daily. The following table includes repayment information for5-,10-, and15-year plans.

Question:

Years Number of payments Monthly payment Total interest 5 60 10 120 15 180 $471.78 $265.16 $197.70 $3,306.85 $6,819.65 $10,585.71 Years Number of payments Monthly payment Total interest 5 60 10 120 15 180 $471.78 $265.16 $197.70 $3,306.85 $6,819.65 $10,585.71

Expert Answer:

To determine how many years are needed to pay off the loan with monthly payments of 200 we can compa... View the full answer

Accounting Introduction To Financial Accounting

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