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puteri [66]
3 years ago
13

You have an outstanding student loan with required payments of $ 500 per month for the next four years. The interest rate on the

loan is 8 % APR​ (compounded monthly). Now that you realize your best investment is to prepay your student​ loan, you decide to prepay as much as you can each month. Looking at your​ budget, you can afford to pay an extra $ 200 a month in addition to your required monthly payments of $ 500​, or $ 700 in total each month. How long will it take you to pay off the​ loan? ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)
Business
1 answer:
garik1379 [7]3 years ago
4 0

Answer:

35

Explanation:

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