Consider a student loan of $10,000 at a fixed APR of 10% for 5 years. a....

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Consider a student loan of $10,000 at a fixed APR of 10% for 5 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. Consider a student loan of $10,000 at a fixed APR of 10% for 5 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.

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To calculate the monthly payment for a student loan we can use the formula for the monthly payment o... View the full answer