# Consider a student loan of​\$15,000at a fixed APR of9​%for30years. a. Calculate the monthly payment.b. Determine the total amount paid over the term of the loan.c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest.

Question
Asked Sep 18, 2019
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Consider a student loan of
​\$15,000
at a fixed APR of
9​%
for
30
years.

a. Calculate the monthly payment.
b. Determine the total amount paid over the term of the loan.
c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest.
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## Expert Answer

Step 1

(a)

Calculate the monthly payment as follows.

Step 2

(b)

Find the total amount paid ove...

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