A student graduates from college with $31,000 in student loans with a 5.6% annual simple interest rate. In order to reduce his debt as quickly as possible, beginning next month he is going to pay $600 per month towards the loan. After his first payment, how much will he owe on the loan? After his first payment, he will still owe $ (Round to the nearest cent as needed.) on his loan.
A student graduates from college with $31,000 in student loans with a 5.6% annual simple interest rate. In order to reduce his debt as quickly as possible, beginning next month he is going to pay $600 per month towards the loan. After his first payment, how much will he owe on the loan? After his first payment, he will still owe $ (Round to the nearest cent as needed.) on his loan.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...
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A student graduates from college with $31,000 in student loans with a 5.6% annual simple interest rate. In order to reduce
his debt as quickly as possible, beginning next month he is going to pay $600 per month towards the loan. After his first
payment, how much will he owe on the loan?
After his first payment, he will still owe $
(Round to the nearest cent as needed.)
on his loan.
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