A student takes out $30,000 in student loans. The loan is to be repaid over 10...
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A student takes out $30,000 in student loans. The loan is to be repaid over 10 years at a rate of 4.5%. Assume the payments are made at the end of each month. a) What type of problem is this? Present Value - Ordinary Annuity b) How much are the monthly payments? c) How much total interest is paid? A student takes out $30,000 in student loans. The loan is to be repaid over 10 years at a rate of 4.5%. Assume the payments are made at the end of each month. a) What type of problem is this? Present Value - Ordinary Annuity b) How much are the monthly payments? c) How much total interest is paid?
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To calculate the monthly payments for a loan that is to be repaid over 10 years at a rate of 45 we c... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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