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A student has three semesters to complete before graduation, when they find out their student aid has run out.

The student has the option of the school's installment plan of $800 per month for the last three semesters, with an enrollment fee of $50 or take out a $12,000 loan with Sallie Mae for 36 months at 8.625%. What is the amount financed, the monthly payment, and the total payment and the end of the term of the loan?

Which is the better option - the installment plan or the Sallie Mae loan? (Show step by step how you arrived at your results)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92836892

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