You have an outstanding student loan with required payments of $825 per month for the 42 months. The interest rate on the loan is 9% APR (monthly). What is the amount of loan outstanding today? 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 $825 per month until the loan is paid off, what is the amount of your final payment? "Amount of Loan outstanding is___________ ;Amount of final payment is_________ "

You have an outstanding student loan with required payments of $825 per month for the 42 months. The interest rate on the loan is 9% APR (monthly). What is the amount of loan outstanding today? 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 $825 per month until the loan is paid off, what is the amount of your final payment? "Amount of Loan outstanding is___ ;Amount of final payment is_ "

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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