You estimate that you will have $60,000 in student loans by the time you graduate. The effective annual interest rate (EAR) is 8.73%. You want to have this debt paid in full within seven (7) years from the time of your graduation. Assuming that you start paying at the end of the month following your graduation, how much must you pay each month?

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As per the question a Monthly Payment is required at the rate of 45 To fi... View the full answer