You have $90,000 in student loans with an annual payment of $10,500 and an annual interest of

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You have $90,000 in student loans with an annual payment of $10,500 and an annual interest of 7%.

How long would it take you to pay off the loan?

What would be the annual payments should you want to pay off the loan in 10 years?

Why or why not would you want to make the larger payments?

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Entrepreneurship

ISBN: 9781119563099

5th Edition

Authors: Andrew Zacharakis, William D Bygrave

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Posted Date: May 07, 2024 03:13 PM

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You have $90,000 in student loans with an annual payment of $10,500 and an annual interest of

Question:

Expert Answer:

To calculate how long it would take to pay off the loan we can use the formula for the number of periods required to pay off a loan Number of periods ... View the full answer

Entrepreneurship

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