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.

Step 1

(a)

Calculate the monthly payment as follows.

Step 2

(b)

Find the total amount paid ove...

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