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Suppose you have just graduated with $25,000 in student loan debt at 8% annual interest, compounded monthly. You make monthly payments over the next...
Suppose you have just graduated with $25,000 in student loan debt at 8% annual interest, compounded monthly. You make monthly payments over the next 10 years to pay off the loan.a. Find your monthly payment.b. How much money, in total, will you end up paying by the time the loan is paid off?c. How much did you pay in interest alone?d. What is the APY on this loan? What does the APY tell you?