finish your engineering degree with $17,350 in student loans. The interest rate on your loans is 0.6% per month. The loan repayment period is 10 years and your monthly payment is set to be $203.24 [= $17,350(A/P, 0.6%, 120)]. Question 2: The total interest dollars repaid using the shorter is $2,750. How total interest would be repaid using the 10-year repayment plan?
finish your engineering degree with $17,350 in student loans. The interest rate on your loans is 0.6% per month. The loan repayment period is 10 years and your monthly payment is set to be $203.24 [= $17,350(A/P, 0.6%, 120)]. Question 2: The total interest dollars repaid using the shorter is $2,750. How total interest would be repaid using the 10-year repayment plan?
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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You finish your engineering degree with $17,350 in student loans. The interest rate on your loans is 0.6% per month. The loan repayment period is 10 years and your monthly payment is set to be $203.24 [= $17,350(A/P, 0.6%, 120)].
Question 2: The total interest dollars repaid using the shorter is $2,750. How total interest would be repaid using the 10-year repayment plan?
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