Jefferson qualifies for an income-adjusted monthly payment of $485. If Jefferson has a subsidized student loan...
Jefferson qualifies for an income-adjusted monthly payment of $485. If Jefferson has a subsidized student loan of $46,000 at an annual interest rate of 4% (compounded monthly), how many months are required to repay the loan? (Round your answer up to the nearest month.)
Homework Answers
The number of months to repay the loan is calculated using NPER function in Excel ;
rate = 4%/12 (converting annual rate into monthly rate)
pmt = -485 (Monthly payment. This is entered with a negative sign because it is a payment)
pv = 46000 (loan amount)
NPER is calculated to be 114.20
This is rounded up to 115
It will take 115 months to repay the loan
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