Problem
Determine the monthly repayments needed to repay a $50 000 loan that is paid back over 25 years when the interest rate is 9% compounded annually. Calculate the increased monthly repayments needed in the case when (a) the interest rate rises to 10% (b) the period of repayment is reduced to 20 years.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.