Consider a student loan of $15,000 at a fixed APR of 9% for 15 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.

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20-06-2024
Mathematics

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Consider a student loan of $15,000 at a fixed APR of 9% for 15 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.

Sagot :

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Sagot :

Other Questions

Consider a student loan of $15,000 at a fixed APR of 9% for 15 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.