You borrowed $70,000 in student loans. You plan to make monthly payments to repay the debt. The
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You borrowed $70,000 in student loans. You plan to make monthly payments to repay the debt. The interest rate is fixed at 3.3% APR (with monthly compounding). a) If the loans are for 10 years, find the monthly payment. b) Suppose that you decide to pay $300 more per month instead of the required monthly payment. How long will it take to pay off the loan?
Related Book For
Contemporary Business Mathematics With Canadian Applications
ISBN: 9780135285015
12th Edition
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
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