What is the total amount you will have to repay for your $41,000 student loan if...
What is the total amount you will have to repay for your $41,000 student loan if the interest rate is 4% APR and you pay equal monthly payments over the 10 year life of the loan?
Homework Answers
PV =
r = 4%/12 = 0.33% (monthly), n = 10 * 12 = 120 months, PV = $41,000
41000 = P * 98.7702
P = $415.11
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