You have that you realize your best investment is to extra $175 a month in addit

Question

You have that you realize your best investment is to extra $175 a month in addition round any intermediate stops less than six decimal places.) an outstanding student loan with required payments of $600 per month for the next four prepay your student loan, years. The interest rate on the loan is 8% APR co ponded monthly Now you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an $600, or $775 in total each month. How long will t take you to pay off the loan? (Note: Be careful not to The number of months to pay off the loan is (Round to two decimal places.)

Explanation / Answer

Monthly payment = $600

N= 4*12= 48 months

Rate=I/Y= 8%/12 = 0.666667

Using financial calculator , Amount of loan = PV = $24,577.15

Monthly payment = $775

Rate=I/Y= 8%/12 = 0.666667

PV= $24,577.15

Using financial calculator, tenure of loan = N= 35.75

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