A student graduates from college with $49,000 in student loans with a 6.8% annual simple interest rate. In order to reduce his debt as quickly as possible, beginning next month he is going to pay $800 per month towards the loan. After his first payment, how much will he owe on the loan?
A student graduates from college with $49,000 in student loans with a 6.8% annual simple interest rate. In order to reduce his debt as quickly as possible, beginning next month he is going to pay $800 per month towards the loan. After his first payment, how much will he owe on the loan?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 15P
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A student graduates from college with $49,000 in student loans with a 6.8% annual simple interest rate. In order to reduce his debt as quickly as possible, beginning next month he is going to pay $800 per month towards the loan. After his first payment, how much will he owe on the loan?
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