7500 dollars is placed in an account with an annual interest rate of 5.25%. To the nearest tenth of a year, how long will it tak
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<u>Answer: </u>
Monthly payments of student loan 25000 at fixed APR of 6% for 15 years is 264 units of money approximately
<u>Solution: </u>
Given that
Amount of student loan P = 25000
APR = R = 6%
Duration = T = 15 years
First let’s calculate interest on loan.
Interest = =
= 22500
Total amount needs to pay back = Loan amount + interest = 25000 + 22500 = 47500
Duration in which amount needs to be pay back = 15 years = 15 12 = 180 months
Monthly payment = Total amount needs to pay back / duration in months
=
= 263.88.
Hence monthly payments of student loan 25000 at fixed APR of 6% for 15 years is 263.888 approx 264 units of money.