Consider a student loan of $12,500 at a fixed APR of 12%for 25 years. What is the monthly payment?(Do not round until the final answer. Then round to the nearest cent as needed.) The total payment over the term of the loan is?(Round to the nearest cent as needed.) Of the total payment over the term of the loan %? is paid toward the principal and %? is paid toward interest.
Consider a student loan of $12,500 at a fixed APR of 12%for 25 years. What is the monthly payment?(Do not round until the final answer. Then round to the nearest cent as needed.) The total payment over the term of the loan is?(Round to the nearest cent as needed.) Of the total payment over the term of the loan %? is paid toward the principal and %? is paid toward interest.
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Consider a student loan of $12,500 at a fixed APR of 12%for 25 years.
What is the monthly payment?(Do not round until the final answer. Then round to the nearest cent as needed.)
The total payment over the term of the loan is?(Round to the nearest cent as needed.)
Of the total payment over the term of the loan %? is paid toward the principal and %? is paid toward interest.
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