Question: A couple years ago, Harkiran got a student loan of $20 000 from OSAP which was interest free for the duration of her study.

A couple years ago, Harkiran got a student loan of $20 000

A couple years ago, Harkiran got a student loan of $20 000 from OSAP which was interest free for the duration of her study. She has recently graduated and she will now need to repay the loan with equal monthly payments over the next 10 years at 9.4% per year compounded monthly. a. Determine Harkiran's monthly loan payment: Write all values that are given in the appropriate places. Place a question mark "?" to the unknown value. You may use a TVM solver or the formula learned in class. (4 marks) Present value: Future value: Regular payment: Annual interest rate : Compounding interest rate : Number of payments: b. What is the total amount he repays? (2 marks) c. How much of the amount repaid is interest? (2 marks) Your answer:

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