What are the monthly payments and total payment to be made for the following: 1. A student loan of $50000 taken for 15 years at an interest rate of 4%. 2. If $5000 of the total principle is paid off...
What are the monthly payments and total payment to be made for the following:
1. A student loan of $50000 taken for 15 years at an interest rate of 4%.
2. If $5000 of the total principle is paid off initially.
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The student has taken a loan of $50000 for 15 years at an annual rate of interest of 4%. The total number of months for repayment is 15*12 = 180 and the monthly rate of interest is 0.04/12 = 1/300.
The equated monthly payment is given by the...
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