Question: _ - and PV Excel Question 10, 9.5.16 functions) Part 3 of 3 Suppose you have a student loan of $25,000 with an APR of

_ - and PV Excel Question 10, 9.5.16 functions) Part 3 of 3 Suppose you have a student loan of $25,000 with an APR of 12% for 30 years. Complete parts (a) through (c) below. --~(E3-u- (Do not round until the nal answer. Then round to the nearest cent as needed.) b. Suppose you would like to pay the loan off in 15 years instead of 30. What monthly payments will you need to make? The monthly payment required to pay off the loan in 15 years instead of 30 is $ 30004. (Do not round until the nal answer. Then round to the nearest cent as needed.) 4\": c. Compare the total amount you'll pay over the loan term if you pay the loan off in 15 years versus 30 years. Total payments for the 30-year loan = $D. Total payments for the 15-year loan = $I:l. Aclr mu instructor

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