Wednesday 1 November 2017

You just graduated and you owe $20,000 on your student loans. Your monthly payment is $185.50


You just graduated and you owe $20,000 on your student loans. Your monthly payment is $185.50. The interest rate is 4.5%, compounded monthly. How many years until you have it paid off?

a. 8.98 years b. 10.72 years c. 11.58 years d. 11.95 years e. 15.22 years

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