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Liam just graduated from his state university with $29,000 in student loan debt. Which answer...

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Finance

Liam just graduated from his state university with $29,000 in student loan debt. Which answer is closest to the amount he will pay each month if he repays the loan over the standard 10 years at 5% annual interest? (Use a financial calculator, adjust your inputs for monthly frequency, solve for PMT (payment).)

Liam in the previous problem has an emergency fund covering 3 months of his living expenses earning 3% interest per year. Should he use some or all of this money to pay off the student loan faster? Justify your answer.

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