What is the total amount you will have to repay for your $19,000 student loan if theinterest rate is 5% APR with monthly compounding and you pay equal monthlypayments over the 10 year life of the loan?Your Answer

1. Calculating the Monthly Interest RateThe annual interest rate is 5%. To find the monthly interest…

Answered: What is the total amount you will have…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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What is the total amount you will have to repay for your $19,000 student loan if the interest rate is 5% APR with monthly compounding and you pay equal monthly payments over the 10 year life of the loan? Your Answer