For a $3800, 5-year 8% loan with monthly payments, how much will you pay in total...
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For a $3800, 5-year 8% loan with monthly payments, how much will you pay in total interest over the life of the loan? Kimberly graduated from college with $35000 in student loan debt. The annual rate on her loans is 6 percent simple interest, and she will make monthly payments for 10 years. What is the remaining balance on her loan after five years, or 60 months? (Hint: Use the amortization function on your financial calculator or Excel Worksheet 5.6.) For a $3800, 5-year 8% loan with monthly payments, how much will you pay in total interest over the life of the loan? Kimberly graduated from college with $35000 in student loan debt. The annual rate on her loans is 6 percent simple interest, and she will make monthly payments for 10 years. What is the remaining balance on her loan after five years, or 60 months? (Hint: Use the amortization function on your financial calculator or Excel Worksheet 5.6.)
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Loan Interest Calculations 1 3800 5year 8 loan This is a compound interest loan meaning interest is ... View the full answer
Related Book For
Personal Finance Turning Money into Wealth
ISBN: 978-0133856439
7th edition
Authors: Arthur J. Keown
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