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In: Economics

Assume you graduate from college with ​$32,000 in student loans. If your interest rate is fixed...

Assume you graduate from college with ​$32,000 in student loans. If your interest rate is fixed at 4.60​% APR with monthly compounding and you repay the loans over a 10​-year ​period, what will be your monthly​ payment?

Solutions

Expert Solution

effective monthly interest rate =APR/12=4.6/12=0.383333333=r

Number of instalment =n=10*12=120

A=per month payment

PV=loan amount =32000

The amount is $333

Rahul Sunny answered 2 years ago
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