You have graduated from college but unfortunately have $32,000 in outstanding loans. The loans require monthly payments
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You have graduated from college but unfortunately have $32,000 in outstanding loans. The loans require monthly payments of $3,245, which covers interest and principal repayment (i.e., the loan has the same basic features as a mortgage). If the interest rate is 4 percent, how long will it take you to repay the debt? If the powers that be raise the rate to 6 percent, how many additional years will be required to retire the loans?
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Related Book For
Basic Finance An Introduction to Financial Institutions, Investments and Management
ISBN: 978-1285425795
11th Edition
Authors: Herbert B. Mayo
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