19) You have student loans totaling $100,000 at 4% with monthly payments over 20 years. If you were to opt for a 2.5% loan over 15 yrs what happens to your payment? A) It goes from $1,020 to $799 B) It goes from $455 to $699 C) It goes from $949 to $1,159 D) It goes from $606 to $667
19) You have student loans totaling $100,000 at 4% with monthly payments over 20 years. If you were to opt for a 2.5% loan over 15 yrs what happens to your payment? A) It goes from $1,020 to $799 B) It goes from $455 to $699 C) It goes from $949 to $1,159 D) It goes from $606 to $667
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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19) You have student loans totaling $100,000 at 4% with monthly payments over 20 years. If you were to opt for a 2.5% loan over 15 yrs what happens to your payment?
A) It goes from $1,020 to $799
B) It goes from $455 to $699
C) It goes from $949 to $1,159
D) It goes from $606 to $667
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