Consider a student loan of $10,000 at a fixed APR of 6% for 4 years.a. Calculate the monthly payment.b. Determine the total amount paid over the term of the loan.c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.a. The monthly payment is $.(Do not round until the final answer. Then round to the nearest cent as needed.)

Compound = Monthly = 12Principal Amount = p = $10,000Interest rate = r = 6 / 12 = 0.5%Time = t = 4 *…

Answered: Consider a student loan of $10,000 at a…

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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