A student loan for $32,000 is paid back in monthly payments over ten years with an intrest rate of 6.5%. a) find the monthly payment b) find the total payments over 10 years

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Q: Need help with this question please. Thank you!

A: a.

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Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.