Laura has seven years to pay off a $23000 student loan at 6% per year, compounded monthly. a) Determine the amount of Laura's monthly payment. Round your answer to the nearest dollar. b) Calculate the total amount paid on the loan. c) How much interest will Laura pay over the life of the loan?

Laura has seven years to pay off a $23000 student loan at 6% per year, compounded monthly. a) Determine the amount of Laura's monthly payment. Round your answer to the nearest dollar. b) Calculate the total amount paid on the loan. c) How much interest will Laura pay over the life of the loan?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

plz solve all parts within 30-40 mins I'll give you multiple upvote

Laura has seven years to pay off a $23000
student loan at 6% per year, compounded
monthly.
a) Determine the amount of Laura's monthly
payment. Round your answer to the nearest
dollar.
b) Calculate the total amount paid on the loan.
c) How much interest will Laura pay over the
life of the loan?

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