A student needs to borrow $7,000 to pay for college. She can get a loan at an APR of 10% to paid off in monthly installments over the next 4 years. If she decides to pay the loan off in monthly installments over 3 years instead of 4 years at the given APR, how much money will she save altogether. Round to the nearest cent
A student needs to borrow $7,000 to pay for college. She can get a loan at an APR of 10% to paid off in monthly installments over the next 4 years. If she decides to pay the loan off in monthly installments over 3 years instead of 4 years at the given APR, how much money will she save altogether. Round to the nearest cent
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 22P
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A student needs to borrow $7,000 to pay for college. She can get a loan at an APR of 10% to paid off in monthly installments over the next 4 years.
If she decides to pay the loan off in monthly installments over 3 years instead of 4 years at the given APR, how much money will she save altogether. Round to the nearest cent
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