Latoya\'s balance on a student loans is $24,000 today (first day of month). The
ID: 2774170 • Letter: L
Question
Latoya's balance on a student loans is $24,000 today (first day of month). The rate on the loan is 6% NAR with monthly compounding. a Latoya would like to payoff the loan in three years. The first payment would be at the end of the present month. What equal end-of-month payments would she have to make to do this? b Alternatively, Latoya could borrow $24,000 at 4.0% NAR but with weekly compounding and use this to pay off the student loan today. This loan requires an upfront application fee of $1,000 that will be added to the loan amount. The first monthly payment would be at the end of this month. What would the equal end-of-month payments be on this loan if it was paid off in three years? Latoya's balance on a student loans is $24,000 today (first day of month). The rate on the loan is 6% NAR with monthly compounding. a Latoya would like to payoff the loan in three years. The first payment would be at the end of the present month. What equal end-of-month payments would she have to make to do this? b Alternatively, Latoya could borrow $24,000 at 4.0% NAR but with weekly compounding and use this to pay off the student loan today. This loan requires an upfront application fee of $1,000 that will be added to the loan amount. The first monthly payment would be at the end of this month. What would the equal end-of-month payments be on this loan if it was paid off in three years?Explanation / Answer
a).
Equal end of month payment is $730.13.
b.)
Equal end of month payment is $704.37
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