You have an outstanding student loan with required payments


You have an outstanding student loan with required payments of $ 550 per month for the next four years. The interest rate on the loan is 8 % 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 $ 250 a month in addition to your required monthly payments of $ 550?, or $ 800 in total each month. How long will it take you to pay off the? loan? ?(Note: Be careful not to round any intermediate steps less than six decimal? places.)

Request for Solution File

Ask an Expert for Answer!!
Financial Management: You have an outstanding student loan with required payments
Reference No:- TGS02781181

Expected delivery within 24 Hours