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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 $ 175 a month in addition to your required monthly payments of $500?, or $675 in total each month. How long will it take you to pay off the? loan?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92837026

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