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 areconsidering making an extra payment of $200 today (that is, you will pay an extra $200 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 youearned on the $200?STERIf 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?The amount of your final payment is $(Round to the nearest cent.)What rate of return (expressed as an APR with monthly compounding) have you earned on the $2007Effective rate is%. (Round to the nearest integer.)

given PMT = 500 r= 9/12 = 0.75% per monthn=12*4 = 48present value of the payment PV =…

Answered: You have an outstanding student loan…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 27M

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You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 8% APR (monthly). You are considering making an extra payment of $200 today (that is, you will pay an extra $200 that you are not required to pay). If you are required to continue to make payments of $600 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 $200? If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? The amount of your final payment is $ (Round to the nearest cent.)
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 is paid 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.)
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