Suppose you have a 10-year debt consolidation loan making payments of $253.35 per month on outstanding debt

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Suppose you have a 10-year debt consolidation loan making payments of $253.35 per month on outstanding debt of $20,000 accruing 9% APR interest.

How much total interest do you pay over the life of the loan if you do not make any prepayments?

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Contemporary Engineering Economics

ISBN: 9780134105598

6th Edition

Authors: Chan Park

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Posted Date: Apr 26, 2023 06:47 AM

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Suppose you have a 10-year debt consolidation loan making payments of $253.35 per month on outstanding debt

Question:

Expert Answer:

The loan has a term of 10 years or 120 months The monthly p... View the full answer

Contemporary Engineering Economics

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