Register
At graduation, you have a student loan of $16,000. The loan has a fixed annual interest rate of 3.4%, compounded monthly, for 10 years. What will your monthly payments be? (Enter numeric answers to 2
182k views
3 votes
At graduation, you have a student loan of $16,000. The loan has

a fixed annual interest rate of 3.4%, compounded monthly, for 10
years. What will your monthly payments be? (Enter numeric answers
to 2

User Sboulema
by
7.4k points

1 Answer

5 votes

Answer: $186.27

Step-by-step explanation: 16000(1.034)^10=22352.46

22352.46/120=186.27

User Carson Moore
by
7.4k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!