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You have an outstanding student loan with required payments of $ 600 per month for the...

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Finance

You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on theloan is 8% APR? (monthly). You are considering making an extrapayment of $150 today? (that is, you will pay an extra $150 thatyou are not required to? pay). If you are required to continue tomake payments of $600 per month until the loan is paid? off, whatis the amount of your final? payment? What effective rate ofreturn? (expressed as an APR with monthly? compounding) have youearned on the $150??

Answer & Explanation Solved by verified expert
3.7 Ratings (368 Votes)
A B C D E F G H 2 3 Monthly Payments 600 4 Annual interest rate 8 5 Monthly interest rate 067 6 Period in years 4 0083 7 Period in month 48 8 9 The outstanding amount of loan will be the present value of    See Answer
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Transcribed Image Text

You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on theloan is 8% APR? (monthly). You are considering making an extrapayment of $150 today? (that is, you will pay an extra $150 thatyou are not required to? pay). If you are required to continue tomake payments of $600 per month until the loan is paid? off, whatis the amount of your final? payment? What effective rate ofreturn? (expressed as an APR with monthly? compounding) have youearned on the $150??

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