Question: Please answer with final answer and explanation. Thank you! You have an outstanding student loan with required payments of $600 per month for the next

Please answer with final answer and explanation. Thank you!

You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 9% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra $150 a month in addition to your required monthly payments of $600, or $750 in total each month. How long will it take you to pay off the loan? (Note: Be careful not to round any intermediate steps less than six decimal places.) The number of months to pay off the loan is . (Round to two decimal places.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Determine several resources available from the Small Business Administration (SBA) for entrepreneurs that might be useful in starting, financing, and managing an entrepreneurial venture. The SBA Web...

Please write down the results with the whole process. You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 9.50% APR...

APR 9.75% thank you You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 9.75% APR (monthly). You are considering...

please calculate this question and provide answers for everything You have an outstanding student loan with required payments of $ 5 0 0 per month for the next four years. The interest rate on the...

Please answer the following questions which is on Life Insurance and Taxation 1)Tom and Hailey had been married for five years. Four years ago, Tom purchased life insurance on Hailey who was...

i also uploaded the info of last picture as it is not clear, please help me to solve the ques Metal Parts Inc. Master Budget Student Name: Stundet Number: Data Input Area Selling Price per Unit DLH...

I need someone to help me solve these tax problems and show their work by labeling each step or by explaining how they got the answer. Chapter 1 37. Terry is a worker in the country Pretoria. His...

Please answer the following questions which is on Life Insurance and Taxation 1)Tom and Hailey had been married for five years. Four years ago, Tom purchased life insurance on Hailey who was...

Problem 1 : Finance in Perpetuity You are offered one of the following two options for free. Option A includes a fixed cash flow of $ 4 0 0 every year forever that starts right now ( t = 0 ) with the...

Which of the following is not an internal control procedure for cash? a. Only designated personnel are authorized to handle cash. b. The same individual receives the cash and pays the bills. c....

What organometallic compound will be formed from the reaction of methylmagnesium SiCI4? chloride and (Hint: See Table 12.3.)

suppose that Dog Co . a dog food company currently has earnings of $ 4 per per share and that the anticipated earnings per share are to grow by 2 % per year. using a mean industry P / e ratio of 1 4...

how to fill everyhing in balance sheet and ratios Bombadil Boots \begin{tabular}{|c|c|} \hline Payout Ratio & Dividends Declared \\ EAT & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline...

Eliciting data and reporting requirements using interviews, document analysis, requirements workshops, site visits, use cases, data analysis, and workflow analysis.

4. How did Anthems new data analytics capabilities change the Human Resources function at the company?

12-4 How do different decision-making constituencies in an organization use business intelligence, and what is the role of information systems in helping people working in a group make decisions more...