Question
In: Finance
3. In 2015, I took out a student loan for $60,000 with a term of 12...
3. In 2015, I took out a student loan for $60,000 with a term of 12 years. My payments are monthly and interest is 3.3% annually, compounded monthly.
(a) Determine my monthly payments for this loan.
(b) How much total interest will I have to pay over the 12 year term of the loan?
(c) Five years after taking out the loan (so now, in 2020), how much do I still owe on the loan?
(d) How much interest have I paid so far, i.e. between 2015 and today?
Solutions
Expert Solution
Please refer to below spreadsheet for calculation and answer. Cell reference also provided.
Cell reference -
jeff jeffy answered 1 year agoRelated Solutions
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