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You have an outstanding student loan with required payments of $ 500 per month for the...

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 9 %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 $ 250 a month in addition to your required monthly payments of $ 500 or $ 750 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.)

The number of months to pay off the loan is

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As nothing was mentioned excel is used.

jeff jeffy answered 1 month ago
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