Assignment
Suppose you have a student loan of $35,000 with an APR of 9?% for 40 years. Complete parts? (a) through? (c) below.
a. What are your required monthly? payments?
The required monthly payment is? $ ?
?(Do not round until the final answer. Then round to the nearest cent as? needed.)
b. Suppose you would like to pay the loan off in 20 years instead of 40. What monthly payments will you need to? make?
The monthly payment required to pay off the loan in 20 years instead of 40 is ?$ ?
?(Do not round until the final answer. Then round to the nearest cent as? needed.)
c. Compare the total amount? you'll pay over the loan term if you pay the loan off in 20 years versus 40 years.
Total payments for the 40?-year loan =? $ ?
Total payments for the 20?-year loan =? $ ?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.