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Category > Business & Finance Posted 07 Jun 2017 My Price 7.00

*18. You have an outstanding student

*18. You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 9% APR (monthly). You are considering making an extra payment of $100 today (that is, you will pay an extra $100 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $100?

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Homework Helper
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Status NEW Posted 07 Jun 2017 07:06 AM My Price 7.00

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