You have $50,000 in student loans. You set up a plan to repay this debt with monthly
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You have $50,000 in student loans. You set up a plan to repay this debt with monthly payments over the next 15 years (so 180 total payments). Your first payment will be in one month, and you believe with raises at work that each payment can be 0.2% higher than the previous one (so, for example, if your first payment is $100, your second month payment would be $100.20). If your monthly interest rate on this loan is 0.4%, what will your first payment in one month be?
Related Book For
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
Posted Date: