After graduating with a master's degree, Gabrielle combined all of her student loans into a single...
After graduating with a master's degree, Gabrielle combined all
of her student loans into a single loan of $23,000.00 with an
interest rate of 5.2% compounded quarterly. If she is planning to
pay off the loan in 10 years, what will her quarterly payment
be?
The quarterly payment would be $
. (Round to 2 decimal places.)
Homework Answers
Here, P = principal amount (the initial amount) = $ 23,000
Rate of interest (r) = 5.2 % compounded quarterly
Therefore,
Total amount of money she has to pay after 10 years (A) is given by
So, amount she has to pay quarterly is
Therefore her quarterly payment will be $ 963.93
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After graduating with a master's degree, Gabrielle combined all
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