Assume you graduate from university with a $37,000 student loan. If your interest rate is fixed at 4.22% APR with monthly compounding and you will repay the loan over a 10-year period be your monthly payment? The monthly payment will be $ (Round to two decimal places)

Assume you graduate from university with a $37,000 student loan. If your interest rate is fixed at 4.22% APR with monthly compounding and you will repay the loan over a 10-year period be your monthly payment? The monthly payment will be $ (Round to two decimal places)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Assume you graduate from university with a $37,000 student loan. If your interest rate is fixed at 4.22% APR with monthly compounding and you will repay the loan over a 10-year period, what will
be your monthly payment?
The monthly payment will be $
(Round to two decimal places)
CELLE

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