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? If you are required to continue to make payments of $500 per month until the loan spaid off, what is the amount of your final payment? The amount of your final payment is $ 356.86. (Round to the nearest cent.) What rate of return (expressed as an APR with monthly compounding) have you earned on the $100? Effective rate is %. (Round to the nearest integer.)

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? If you are required to continue to make payments of $500 per month until the loan spaid off, what is the amount of your final payment? The amount of your final payment is $ 356.86. (Round to the nearest cent.) What rate of return (expressed as an APR with monthly compounding) have you earned on the $100? Effective rate is %. (Round to the nearest integer.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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