Alex estimates that he will have $47,500 in student loans by the time he graduates. The interest rate is 7.2 percent, compounded monthly. If he wants to have this debt paid in full within 5 years following graduation, how much must he pay each month?
Alex estimates that he will have $47,500 in student loans by the time he graduates. The interest rate is 7.2 percent, compounded monthly. If he wants to have this debt paid in full within 5 years following graduation, how much must he pay each month?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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Alex estimates that he will have $47,500 in student loans by the time he graduates. The interest rate is 7.2 percent, compounded monthly. If he wants to have this debt paid in full within 5 years following graduation, how much must he pay each month?
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